The post Binance Faced With Lawsuit Over Misleading Terra Investors appeared first on Coinpedia Fintech News
Binance, one of the largest crypto exchanges, faced a class action lawsuit on July 11, 2022, in the United States District Court for the Northern District of California.
This was the first lawsuit filed by US-based Roche Freedom LLP, claiming that Binance misled Terra network investors by portraying Terra’s dollar-based UST as more stable than it actually was.
Binance Misled Terra Investors
Furthermore, the lawsuit also claims that Binance.US is not an authorized organization and carelessly promoted UST as a safe stablecoin, which it was not. However, the company has denied the allegations and stated that Binance.US adheres to all applicable regulations.
Before Roche Freedom can test its accusations against Binance.US in court, the firm must convince U.S. District Judge Jacqueline Scott Corley that the lawsuit belongs in court, rather than in arbitration proceedings. Arbitra
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