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On October 1, 2021, a U.S. District Judge, Lauren Louis, granted a motion for consolidation, effectively allowing investors to pursue a class action against cryptocurrency exchange giant, Binance. The lawsuits allege that Binance violated U.S. securities law by failing to register with regulatory authorities and tricked investors into buying assets that it well knew to be securities.
Judge Louis’ order combines two lawsuits initially filed separately in 2020 by investors. As per the judge’s order, a lead plaintiff and lead counsel will be finalized to prosecute the action on behalf of the members of the class.
It’s important to note that the investors’ claims are alleged and are yet to be proven in court. Most allegations have stemmed from interpretation of the U.S. Securities Act, which states that any asset that can be exchanged for value and involves an investment of money can be considered a security, and Binance has been accused of ambiguity about the nature of their tokens, many of which are alleged to fall under the definition of securities.
Binance, the largest crypto exchange by trading volume, has been under increased scrutiny from regulators all over the world, including the U.S., U.K., Japan, Italy, and several others.
