Binance.US has again beaten proposed class action claims that the company suppressed a cryptocurrency’s value by misstating its ranking in violation of federal antitrust law and commodities regulation. The ruling is outlined in a recent Law360 article.
In the Arizona federal court ruling, U.S. District Judge Susan M. Brnovich dismissed investor Ryan Cox’s claims against ranking website CoinMarketCap OpCo. LLC and BAM Trading Services Inc., which does business as Binance.US and operates the Binance.US cryptocurrency exchange.
Judge Brnovich ruled that Cox hadn’t shown in his suit how his trades in HEX, the cryptocurrency at the heart of the suit, constituted participation in a commodity pool as required to state a claim under the federal Commodities Exchange Act. The Judge did grant Cox 30 days to revise his claims. The case is Cox v. CoinMarketCap OpCo LLC et al., case number 3:21-cv-08197, in the U.S. District Court for the District of Arizona.
A long-time client, BAM Trading Inc., which does business as Binance.US, is represented by Hahn Loeser Partners Jeffrey A. Brauer and Michael J. Gleason.
Related Story: Personal Jurisdiction Under CEA: Hahn Loeser Takes Binance.US Case to SCOTUS
