Binance Class Action and Money Laundering Since 2018, Silver Miller has been aggressively investigating, prosecuting, and resolving hundreds of cases related to account intrusions at cryptocurrency platforms. In many of those instances, cryptocurrency stolen from U.S.-based investors was deposited by the thieves into accounts at Binance — the world’s largest cryptocurrency exchange — which has become the preferred cryptocurrency exchange for criminal asset laundering due to Binance’s grossly substandard security protocols.
On August 16, 2024, Silver Miller and our co-counsel filed a new federal court class action lawsuit against Binance Holdings, Ltd. d/b/a Binance and its United States-based alter ego BAM Trading Services, Inc. d/b/a Binance.US. As the lawsuit alleges, Binance and Binance.US knowingly converted or aided and abetted in the conversion of stolen cryptocurrency worth tens of millions of dollars by not complying with basic Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) standards. The lawsuit further alleges that not only did Binance permit such illegal activity on its platform, Binance unjustly enriched itself by collecting significant fees on transactions on the Binance platform involving stolen cryptocurrency.
If you are a U.S. resident and suffered an account intrusion resulting in cryptocurrency being stolen from you, and you would like to discuss our lawsuit or whether your stolen assets were possibly laundered through Binance, please contact us by e-mailing David Silver of Silver Miller at DSilver@SilverMillerLaw.com or by calling (954) 516-6000 .
For many years, Binance has acted with relative impunity in the United States by asserting that no U.S. legal or administrative authority can exercise its jurisdiction over Binance, which claims to have no sustaining business presence in the United States that would subject the company to jurisdiction here. However, both our class action lawsuit and a similar civil action brought against Binance and Binance.US by the U.S. Securities and Exchange Commission allege that Binance should be subject to accountability and appropriate censure in the United States. The widespread financial harm that has befallen U.S.-based investors and has flowed through Binance’s platform, because of weak and unenforced KYC/AML protocols, with Binance’s knowledge and participation is very real. Silver Miller works tirelessly for its clients to hold Binance and Binance.US responsible for their damaging role in that harm.
