US law firm files against major crypto companies for allegedly selling unlawful securities to investors
Published by Jai Pratap
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According to MaltaToday report, a coordinated strike by a US law firm against some of the best-known companies in the cryptocurrency industry has also targeted Binance, the word’s leading crypto exchange. Crypto exchanges such as Binance, preying on the public’s lack of familiarity with the technology underpinning these tokens, characterized these tokens as ‘utility tokens,’ were in effect bets that a particular project would develop into a successful venture, the law firm noted.
The plaintiffs are seeking damages from crypto companies for selling tokens that are not securities under US federal law. The lawsuit against Binance alleges that the crypto exchange sold securities without a license and that, like the other defendants, wrongfully engaged in millions of transactions without registering the tokens as securities with the US SEC.
The plaintiffs are seeking damages from crypto companies for selling tokens that are not securities under US federal law. The lawsuit against Binance alleges that the crypto exchange sold securities without a license and that, like the other defendants, wrongfully engaged in millions of transactions without registering the tokens as securities with the US SEC.
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