Crypto Giants Binance and Coinbase Face Legal Troubles

Binance, its CEO, and several celebrities and influencers, including NBA star Jimmy Butler, have been hit with a $1 billion civil lawsuit for promoting unregistered securities. The lawsuit alleges that Binance paid celebrities to promote its crypto exchange and touted unregistered securities. The lawsuit also mentions YouTubers and influencers Ben Armstrong and Graham Stephan as defendants who allegedly received kickbacks for getting people to sign up to Binance. The lawsuit comes days after the CFTC separately sued Binance for violating trading and derivatives rules.