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Topic: [2020-04-04] Class-action lawsuits filed against 11 Bitcoin companies - page 2. (Read 301 times)

legendary
Activity: 3234
Merit: 2112
I stand with Ukraine.
Such cases can take years if aimed at local companies. When you're suing offshore firms it's going to be a pain for the court to be able to schedule hearings and such and for the prosecutors to go through all the translations. They must be aware that defendants will hide behind their local laws and will keep delaying everything.
This case is just for show IMO, unless they want to keep coming to court for the next couple years.

The main problem of the US and their law is that while all countries believe that if your citizens go somewhere and buy something, they need to check if it's fine with their local law. So if you buy a gun in an online store and your country doesn't allow guns, you will have to take responsibility for it and possibly face a fine and lose the gun.
The US law makes it so that if someone buys a restricted item online, it's the fault of the seller. The seller should have asked where the client is from and be aware of all the US laws and regulations. Tell me this isn't crazy.

No it's not, if all the seller has to do is just asking the client about the legality in his/her place. It would be, though, if the seller would still be responsible in the case of customer's lying.

Regarding the article, I personally think that the platforms shouldn't be liable for what's selling there, but it's the law, so, we should comply, I guess.
hv_
legendary
Activity: 2506
Merit: 1055
Clean Code and Scale
Such cases can take years if aimed at local companies. When you're suing offshore firms it's going to be a pain for the court to be able to schedule hearings and such and for the prosecutors to go through all the translations. They must be aware that defendants will hide behind their local laws and will keep delaying everything.
This case is just for show IMO, unless they want to keep coming to court for the next couple years.

The main problem of the US and their law is that while all countries believe that if your citizens go somewhere and buy something, they need to check if it's fine with their local law. So if you buy a gun in an online store and your country doesn't allow guns, you will have to take responsibility for it and possibly face a fine and lose the gun.
The US law makes it so that if someone buys a restricted item online, it's the fault of the seller. The seller should have asked where the client is from and be aware of all the US laws and regulations. Tell me this isn't crazy.

The latest case around telegram coin say sth different, it's not enough to just exclude US tax payer
legendary
Activity: 2618
Merit: 1103
Such cases can take years if aimed at local companies. When you're suing offshore firms it's going to be a pain for the court to be able to schedule hearings and such and for the prosecutors to go through all the translations. They must be aware that defendants will hide behind their local laws and will keep delaying everything.
This case is just for show IMO, unless they want to keep coming to court for the next couple years.

The main problem of the US and their law is that while all countries believe that if your citizens go somewhere and buy something, they need to check if it's fine with their local law. So if you buy a gun in an online store and your country doesn't allow guns, you will have to take responsibility for it and possibly face a fine and lose the gun.
The US law makes it so that if someone buys a restricted item online, it's the fault of the seller. The seller should have asked where the client is from and be aware of all the US laws and regulations. Tell me this isn't crazy.
legendary
Activity: 2128
Merit: 1109
Graphic Design & Translation - BTC accepted here!
i guess they will get enough time to react and most likely have enough funds ready to pay in case they are fined.
it would take months to see results, so let's see what happens.
i think, if they took scammers knowingly on board they should deal with the consequences.
if they haven't done anything wrong, i am sure they can prove it and can clear their name.
hv_
legendary
Activity: 2506
Merit: 1055
Clean Code and Scale
Big thing / diff link https://www.theblockcrypto.com/amp/post/60930/top-crypto-exchanges-token-issuers-named-in-friday-barrage-of-u-s-class-action-lawsuits

.... "They separately name Binance, Civic, BProtocol, Status, Block.one, KayDex, Quantstamp, BiBox, TRON Foundation, KuCoin, HDR Global Trading, and many of their principals, including crypto notables such as Brendan Blumer, Dan Larimer, Vinny Lingham, and Binance founder Changpeng ("CZ") Zhao. "
legendary
Activity: 2926
Merit: 1440
I reckon the defendants will invoke their right to delay their replies by invoking the coronavirus pandemic hehehe.

Also, the article mentioned that plaintiffs included Chase Williams, Alexander Clifford, William Zhang and Eric Lee. Who are these people? I would be skeptical if they are investors of other competing cryptocoin projects.
legendary
Activity: 2128
Merit: 1109
Graphic Design & Translation - BTC accepted here!
Class-action lawsuits filed against 11 Bitcoin companies

'Red Wedding' lawsuits were filed against Binance, BitMEX, Tron Foundation and other major crypto companies alleging they sold unregistered securities.


By Tim Copeland and Amy Castor



In brief

  • Class-action lawsuits have been served against 11 companies in the cryptocurrency ecosystem.
  • The lawsuits focus on the selling of cryptocurrency tokens, which are claimed to be unregistered securities.
  • One company has already settled with the SEC over an ICO.

In a coordinated strike against some of the best-known companies in crypto, a US law firm issued a barrage of class-action lawsuits aimed at Binance, Block.one, Bitmex, Tron and several others. The lawsuits allege that the firms bilked investors by selling unlawful securities in the form of digital tokens.

First spotted by the website Offshore Alert, the 11 suits were filed on Friday by the New York “litigation boutique” firm Roche Cyrulnik Freedman. The suits named 42 defendants in more than a dozen countries, including the British Virgin Islands, Canada, Cayman Islands, China, Estonia, Hong Kong, Israel, Japan, Malta, Seychelles, Singapore, South Africa, Switzerland, Taiwan, US, and Vietnam.

https://decrypt.co/24532/class-action-lawsuits-filed-against-7-bitcoin-companies
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