Miami Heat Jimmy Butler and Crypto Influencer ‘BitBoy’ Settle Binance Promo Suit for $340K

NBA star Jimmy Butler and crypto influencer Ben Armstrong, aka “BitBoy,” have agreed to pay a combined $340,000 to settle a class-action lawsuit related to promoting Binance. Both deny any wrongdoing but chose to settle to avoid further expenses and time investment.

Miami Heat star Jimmy Butler and well-known crypto influencer Ben Armstrong, popularly known as “BitBoy,” have agreed to a settlement of $340,000 in response to a class-action lawsuit accusing them of promoting Binance, the cryptocurrency exchange, which is alleged to have sold unregistered securities.

The settlement, revealed on August 19, includes a payment of $300,000 from Butler and $40,000 from Armstrong. Both individuals firmly deny any wrongdoing. Butler settlement document, obtained by Cointelegraph, states that he “adamantly denies any and all wrongdoing” and believes that he would “be absolved of all liability” if the case were to be fully litigated. Similarly, Armstrong settlement includes a denial of “any wrongdoing or liability” and states that he believes he has “valid defenses” to the claims.

The lawsuit, which has been ongoing since March 2023, also includes defendants such as Binance, its former CEO Changpeng Zhao, and the firm’s U.S. arm, BAM Trading. Additionally, Paxos Trust Company, the issuer of the now-defunct Binance USD (BUSD) stablecoin, was named as a defendant in an amended complaint filed in June 2023.

According to Adam Moskowitz, managing partner of The Moskowitz Law Firm, the year-long investigation into the case “revealed that Binance is also selling unregistered securities and thus needs to be held accountable.” He added that “each and every promoter of these unregistered securities, including Miami Heat star Jimmy Butler, will be held responsible.”

The lawsuit claims that both Butler and Armstrong were paid promoters of Binance and alleges that the exchange sold cryptocurrencies classified as unregistered securities. The class could potentially include millions of Binance.US and Binance.com users who utilized services like BNB Vault, Simple Earn, or any staking products, and those who dealt in various cryptocurrencies including BNB, Solana (SOL), Cardano (ADA), Polygon (MATIC), and others.

Both Butler and Armstrong had previously filed to dismiss the lawsuit alongside Zhao and Binance. Armstrong’s lawyer, Darren Heitner, confirmed the settlement but declined to comment further, stating, “We won’t have any comment other than that a resolution was found.”

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