ChainCatcher news, according to Cointelegraph, two OpenSea users accused the NFT trading platform OpenSea of selling unregistered securities, but they abandoned the proposed class action after the judge allowed the company to seek arbitration.
On November 7, Anthony Shnayderman and Itai Bronshtein submitted a voluntary withdrawal of the securities lawsuit against Ozone Networks (operating under the name OpenSea) to the Federal Court in Florida. Previously, Judge Cecilia Altonaga allowed OpenSea to file a motion last month to compel the two to arbitrate.
OpenSea insists on compelling the two users to arbitrate and claimed in an October filing that they agreed to its terms of use, which state that all claims will be resolved by an arbitrator—including whether the claims should be arbitrated in the first place. In the October filing, the NFT marketplace added that it "intends to quickly take action to compel the plaintiffs to arbitrate their claims in the agreed forum" and will appeal any dismissal from the court, thereby suspending the case.