Miami Heat star, ‘Bitboy’ agree to cough up $340K to settle Binance promo suit !!

Pro basketballer Jimmy Butler and crypto influencer Ben Armstrong are looking to settle claims in a Binance-related class lawsuit while denying any wrongdoing.

NBA star Jimmy Butler and crypto YouTuber Ben Armstrong, known as “BitBoy,” have agreed to pay a combined $340,000 to settle a class-action lawsuit claiming they promoted Binance, which is alleged to have sold unregistered securities.

Lawyers for the class group asked a Miami federal judge on Aug. 19 to give preliminary approval to the deal, which would resolve an ongoing lawsuit that has been ongoing since March 2023.

Butler’s settlement agreement seen by Cointelegraph shows he would pay $300,000 and adds he “adamantly denies any and all wrongdoing.” He believes he would “be absolved of all liability” if the case was litigated to conclusion.

Armstrong would pay $40,000 and similarly denies “any wrongdoing or liability,” believing he has “valid defenses” to the claims. 

Both agreed to settle to avoid sinking expenses and time into the matter.

The lawsuit also names crypto exchange Binance, its jailed former CEO Changpeng Zhao, and the firm’s American arm BAM Trading as defendants. Stablecoin issuer Paxos Trust Company was named as a defendant in a June 2023 amended complaint. 

Cointelegraph reached out to Binance, Binance.US and their respective counsel, along with lawyers for Zhao, on the status of the lawsuit against them. 

The Moskowitz Law Firm’s managing partner, Adam Moskowitz, who is leading the suit, told Cointelegraph in an email that its year-long investigation “revealed that Binance is also selling unregistered securities and thus needs to be held accountable.”

“Each and every promoter of these unregistered securities, including Miami Heat star Jimmy Butler, will be held responsible,” he added.

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