NBA Star and Crypto Blogger to Pay $340,000 Fine for Promoting Binance
Lawyers for two influencers of the world's largest cryptocurrency exchange Binance have filed a motion in Miami federal court seeking a plea deal in a case involving the promotion of unregistered securities.
NBA star Jimmy Butler and crypto blogger Ben Armstrong, known as BitBoy, will pay a combined $340,000 to settle a class action lawsuit filed by law firms Moscowitz and Boies Schiller Flexner if the motion is granted.
The 2023 lawsuit alleges that the influencers promoted unregistered Binance securities, which investigators believe resulted in substantial loss of investor funds.
Butler and Armstrong deny âany wrongdoing or liability and believe they have a strong defense if the case goes to trial.â However, both have opted to settle rather than spend time and money trying to resolve the case.
