U.S. District Judge Rodolfo Ruiz, who sits in the Southern District of Florida, left; and Changpeng Zhao, founder and chief executive officer of Binance Holdings Ltd., right. (Courtesy photos)
Right after the U.S. Securities and Exchange Commission sued Binance and its head, Changpeng Zhao, for allegedly mishandling customer funds, misleading investors and regulators, and breaking securities rules, a Florida attorney filed a proposed class action against that same cryptocurrency exchange in federal court in Miami.
David Silver, a partner at Silver Miller, represents New York resident Michael Osterer who sued the defendants, the Florida-headquartered corporation, BAM Trading Services Inc., or Binance.US, and its “alter ego,” Cayman Islands-headquartered Binance Holdings Ltd., or Binance, for alleged conversion, aiding and abetting conversion, and unjust enrichment.
