A lawsuit has been filed in California against the largest cryptocurrency exchange Binance

A California court is to consider a class action lawsuit by investors against the American branch of the largest cryptocurrency exchange Binance. The conflict is related to the LUNA-UST fiasco. The plaintiffs claim that the platform allowed the sale of unregistered securities.

The claim was filed last Monday and amounts to accusations of Binance US misleading investors. The crypto exchange is also accused of selling previously unregistered securities.

The plaintiffs believe that the defendant's business model is based on the illegal sale of products that have not been registered.

At the same time, the goal was to sell as many securities as possible to the maximum number of investors.

In mid-April, the exchange held a listing and began the process of implementing TerraUSD (UST) in the absence of official registration of securities, the plaintiffs believe. In addition, they claim that the exchange was promoting the product, misleading investors. Such tactics contributed not only to an increase in sales, but also to an increase in the amount of commission received by the exchange itself.

Then there was a sharp drop in the value of the disputed securities, which caused a real panic in the entire market. At the moment, the authorities of a number of countries are pursuing the company and its founders, Cryptobrokers reports.