Binance is sued for Luna

 Binance in the US is accused of misleading investors around the Terra blockchain ecosystem

In addition, is also accused of not being registered as a broker or exchange. This is an indication that the exchange may be in violation of securities laws, as UST, Luna and many other tokens on the platform "act like security tokens".

This is considered the first major lawsuit in the US involving Binance and Terraform Labs - the company behind UST and Luna, two tokens that plunged and wiped out more than 40 billion USD in value last month. According to Fortune, if the outcome is in favor of the plaintiff, the lawsuit will be a big blow to the cryptocurrency market in the US, especially those involved in decentralized finance (DeFi) and the CEO of the centralized exchange. like Binance or Coinbase.

Meanwhile, more than 2,000 people invested in Luna and UST are also preparing to file lawsuits against Terraform Labs and organizations on the grounds of deliberately "misleading advertising" of participants. The representative of this group is FatmanTerra, a well-known account in the Luna community.

"We will start by filing a series of class-action lawsuits against different exchanges. I will play a role in helping people reach and connect victims, and finally gather in groups to fight against the victims. back to Terraform Labs," FatmanTerra told CoinDesk.
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