YouTube blogger Ben Armstrong (BitBoy) and Miami Heat basketball player Jimmy Butler have agreed to settle charges that they promoted unregistered securities on Binance.
As part of the settlement, Armstrong and Butler agreed to pay $340,000, and the settlement still requires court approval. The class action lawsuit was filed in March 2023, accusing the two and Binance of causing harm to consumers. Both men denied wrongdoing, according to Bloomberg.
The indictment alleges that Butler and Armstrong promoted Binance and recruited new customers, and received commissions from them. The indictment also alleges that cryptocurrencies such as BNB and BUSD are securities. (The Block)