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Judge Paul Crotty U.S. District Judge Paul Crotty of the New York Southern District. Photo: Rick Kopstein/ALM

Chinese technology firm Xunlei Ltd.’s offering of cryptocurrency through a cloud-computing rewards program did not violate China’s ban on token-based financing, a Manhattan federal judge said Tuesday in dismissing a securities class action that accused the company of hiding alleged illegality from American investors.

Tom McParland

Tom McParland of New York Law Journal can be contacted at tmcparland@alm.com. Follow him on Twitter @TMcParlandALM.

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