The XRP price dipped around 2.5% today, now trading at $0.53-$0.532 range. In the meantime, lawyer Bill Morgan continues to slam Ripple executives
A class action lawsuit has been filed against cryptocurrency exchange Binance in the United States District Court for the Northern District of California. The plaintiff, a Binance customer named Christopher Harrison, alleges that Binance violated federal securities laws by offering and selling XRP to U.S. residents without registering the tokens with the SEC.
The complaint, filed on Monday, accuses Binance of engaging in an “unlawful scheme” to sell XRP tokens to U.S. customers, even though the exchange knew or should have known that the tokens were securities and thus required to be registered with the SEC.
“Binance, a foreign cryptocurrency exchange, offered and sold XRP tokens to U.S. residents as part of an effort to raise capital for被告 and Defendant’s cryptocurrency exchange business,” the complaint alleges. “The XRP tokens were offered and sold to U.S. residents through Binance’s website, mobile application, and other platforms.”
The complaint goes on to allege that Binance made “false and misleading statements” about XRP tokens, including claims that the tokens were “backed by real assets” and were “a safe investment.” These statements, the complaint alleges, were designed to induce U.S. residents to purchase XRP tokens.
“Binance’s conduct was willful, knowing, and designed to deceive and defraud U.S. residents,” the complaint alleges. “Binance’s conduct caused substantial damages to U.S. residents, who lost billions of dollars as a result of Binance’s unlawful scheme.”
The plaintiff is seeking a jury trial and damages in an amount to be proven at trial, as well as an injunction prohibiting Binance from continuing to offer and sell XRP tokens to U.S. residents without registering the tokens with the SEC.
Binance has not yet commented on the lawsuit.
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