Class actions lawsuits filed in New York Federal Court against Binance, BitMEX, and KuCoin

posted about 2 months ago
On April 3rd, 11 class action lawsuits were filed in New York Federal Court against prominent crypto exchanges including Binance, BitMEX, KuCoin, and more. Notably, these lawsuits were filed by the same firmrepresenting the Kleiman Estate in the case against Craig Wright, the same firm behind the class action lawsuit against Bitfinex and Tether Limited. Indicating Roche Freedman law firm is among the highest powered crypto law firms in the world, which indicates this onslaught of lawsuits is non-trivial.

Parties that were declared principles in these lawsuits and sued include major figures in the crypto space such as Binance CEO Changpeng Zhao and BitMEX CEO Arthur Hayes. This is certainly the most intense barrage of crypto lawsuits in history. Although each lawsuit has its own individual grievances, the plaintiffs in these lawsuits generally claim that the crypto exchanges and crypto firms named in the lawsuits violated United States security laws and did not provide investors with proper information and did not follow proper guidelines, leading to losses and damages. Additionally, Binance reportedly blocked an account containing almost $1 million worth of funds for which the owner accuses Binance site employees of embezzlement.
Tags: bitcoin, blockchain, news