NEW YORK, June 17, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors who purchased or sold Terra USD or LUNA, two crypto-assets, from BAM Trading Services Inc. that operates under the trade name Binance U.S. (the "Company" or “Binance U.S.”).
A lawsuit was filed in federal court in San Francisco against Binance U.S. alleging that the Company failed to register under federal or state law as a securities exchange or a registered broker-dealer and failed to disclose that Terra USD, also referred to as UST, and LUNA are securities.
According to the complaint, “Binance U.S.’s failure to comply with the securities law, and its false advertisements of Terra USD, have led to disastrous consequences for Binance U.S.’s customers: in May 2022, in the span of just a few days, UST lost essentially all its value – a loss of approximately $18 billion.” Contrary to Binance U.S.’s advertisements, the complaint alleges that UST was not “safe,” “stable,” or fiat-backed.”
Reportedly, the SEC is investigating whether the marketing of Terra USD before it crashed last month violated federal investor-protection regulations.
If you purchased or sold Terra USD or LUNA from Binance U.S. or have significant losses in other cryptocurrencies and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
