Fine in 1 billion dollars for Binance? Cryptocurrency exchange is in trouble

Binance is in trouble. Lawyers are demanding that the largest cryptocurrency exchange and its collaborating influencers pay a fine of 1 billion.

The beginning of the year did not work out for the Binance exchange. It all started with a lawsuit from the American Derivatives and Commodity Commission, which accused the exchange of unclear terms of the products offered. It turns out, The cryptocurrency exchange has additional problems. American law firms sued the company for 1 billion.

According to the information on the portal Airdrops News, law firms Moscowitz Law Firm and Boies Schiller Flexner filed a class action lawsuit against the Binance exchange, CEO Changpeng Zhao and three influencers – basketball stars Jimmy Butler, Graham Stephan and Ben Armstrong (known as BitBoy Crypto).

According to the plaintiffs, the exchange offered unregistered securities and paid influencers to promote its services. The lawsuit was filed on behalf of three people, who allegedly lost money trading digital assets, offered by Binance and promoted by influencers. Moreover, the case was investigated for more than a year.

Unknown, How will the lawsuit end?. Payment of a fine and possible compensation can seriously harm the exchange. But this may not be the end of the matter.. Law firms claim, that the number of investors affected and entitled to compensation could reach millions.