Silver Miller, one of the leading cryptocurrency investor law firms in America, and the only law firm to successfully prosecute a class action lawsuit against cryptocurrency exchange Coinbase, filed a federal court class action lawsuit against Binance Holdings, Ltd. d/b/a Binance and its US-based alter ego BAM Trading Services, Inc. d/b/a Binance.US on June 5, 2023. The lawsuit claims that Binance and Binance.US have allegedly converted or aided and abetted in the conversion of stolen cryptocurrency worth tens of millions of dollars by not complying with basic Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
Since 2018, Silver Miller has been investigating, prosecuting, and resolving hundreds of cases related to account intrusions at cryptocurrency platforms. Many of these cases involved cryptocurrency stolen from U.S.-based investors that were allegedly deposited into accounts at Binance – the world’s largest cryptocurrency exchange – which has become a preferred asset laundering exchange due to its substandard security protocols.
The lawsuit also alleges that Binance unjustly enriched itself by collecting significant fees on transactions involving stolen cryptocurrency on the Binance platform.
If you are a U.S. resident and have suffered an account intrusion resulting in cryptocurrency being stolen from you, and would like to discuss the lawsuit or investigate whether your stolen cryptocurrency was possibly laundered through Binance, please contact David Silver of Silver Miller by emailing [email protected] or calling (954) 516-6000.
For many years, Binance has claimed that no U.S. legal or administrative authority can exercise its jurisdiction over it, due to the lack of sustaining business presence in the U.S. However, both the class action lawsuit and a recent civil action brought against Binance and Binance.US by the U.S. Securities and Exchange Commission allege that Binance should be subject to accountability and appropriate censure in the U.S. The widespread financial harm caused to U.S.-based investors should be addressed.
For more information about the class action lawsuit or Silver Miller’s fight to protect investors against financial fraud, please contact them.