- Nature of the Lawsuit
- Settlement Terms
- Reaction to the Settlement
The famous basketball player and crypto YouTuber have agreed to pay a substantial sum to settle a lawsuit alleging their promotion of Binance, which is suspected of selling unregistered securities.
Nature of the Lawsuit
Jimmy Butler and Ben Armstrong faced a class-action lawsuit accusing them of promoting the Binance exchange, which allegedly sold unregistered securities. The lawsuit was filed in March 2023 and has been the subject of ongoing litigation.
Settlement Terms
Under the settlement terms, Jimmy Butler agreed to pay $300,000, while Ben Armstrong will pay $40,000. Both maintain they admit no wrongdoing and settled to avoid further expenses and time. Attorneys for the class group are seeking preliminary court approval for the agreement.
Reaction to the Settlement
Armstrong's legal representatives stated they are pleased with the resolution but did not offer further comments. Butler's representatives have yet to respond. The litigation continues against other parties, including Binance, its former CEO Changpeng Zhao, and associated companies.
The settlement of this lawsuit marks another chapter in the ongoing legal saga involving Binance and its promotion. Future developments must be watched closely to understand their impact on the cryptocurrency industry's future.
