Ongoing Class Action Lawsuit Against Binance
On August 16, 2024, in collaboration with our co-counsel, Redmins initiated a class action lawsuit against Binance Holdings, Ltd., also known as Binance, and its U.S. counterpart, BAM Trading Services, Inc., operating as Binance.US. This lawsuit alleges that Binance entities have actively participated in or facilitated the laundering of stolen cryptocurrency worth hundreds of millions of dollars. According to the lawsuit, those illicit activities were made possible by Binance’s failure to adhere to fundamental Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
Are You Affected?
If you are a U.S. resident who has experienced a cryptocurrency account intrusion resulting in stolen cryptocurrency that may have been laundered through Binance, Redmins is here to help. We encourage you to reach out to discuss with us your situation or participate in the ongoing lawsuit.
Binance’s Legal Challenges in the U.S.
For years, Binance claimed immunity from U.S. jurisdiction, arguing it lacked a substantial business presence in the country and thus was not subject to the jurisdiction of courts in the United States. However, this class action lawsuit, coupled with actions taken by U.S. regulatory bodies like the Securities and Exchange Commission (SEC), challenges that stance. These legal proceedings aim to hold Binance accountable for its role in facilitating widespread financial losses among U.S. investors, highlighting the dire need for robust enforcement of KYC and AML protocols within the cryptocurrency industry.
