Attorneys in Florida and New York have hit influencers, a basketball star and Binance, the largest centralized, web-based crypto-products platform, with a class action lawsuit in Miami federal court over the promotion, participation and sale of unregistered securities.

“This is a classic case of a registered exchange, which is promoting the sale of an unregistered security,” the three plaintiffs, Michael Sizemore in California, and Rudy Vazquez and Mikey Vongdara in Florida, alleged in the 74-page class action lawsuit.

Changpeng Zhao, billionaire and chief executive officer of Binance Holdings Ltd., speaks during a session at the Web Summit in Lisbon, Portugal, on Wednesday, Nov. 2, 2022. (Credit: Zed Jameson/Bloomberg) Changpeng Zhao, billionaire and chief executive officer of Binance Holdings Ltd., speaks during a session at the Web Summit in Lisbon, Portugal, on Wednesday, Nov. 2, 2022. (Credit: Zed Jameson/Bloomberg)