Professional basketball player and Miami Heat star Jimmy Butler has requested dismissal from a class action lawsuit that accuses celebrities of promoting unregistered securities on the Binance platform. Butler’s legal team argues that the tweets he appeared in did not endorse the mentioned securities in question.
According to the July 24 filing, Butler’s lawyers assert that the three tweets posted between February 2 and 13, 2022, merely promoted Binance without mentioning any alleged unregistered securities. Consequently, they claim Butler’s tweets did not encourage investments but cautioned about celebrity crypto endorsements, advising potential Binance customers to conduct thorough research on crypto investments.
Butler’s involvement in the case stems from Binance’s decision to engage the basketball player to promote their platform in the lead-up to the 2022 Super Bowl. The initial video featured Butler endorsing a free nonfungible token (NFT) collection from Binance on February 2, 2022. Subsequently, Butler tweeted two more videos on February 7 and 13, 2022, promoting Binance without mentioning any specific securities.
In one of the videos, Butler emphasized the importance of trusting oneself and conducting personal research, warning against blindly following celebrity advice on crypto investments. His first tweet for the exchange used the hashtag “#CryptoCelebAlert” during the Super Bowl, offering a chance to win one of 2,222 NFTs. Butler’s tweets and videos consistently emphasized individual responsibility and research in the crypto space.
However, a June 27 amended complaint argued that Butler’s statements were deceptive as they were presented alongside the promotion of Binance’s free NFTs and exchange platform. Butler maintains that his tweets were transparent and did not promote specific securities despite the allegations.
In the ongoing lawsuit, Binance, its chief Changpeng “CZ” Zhao, and YouTubers Graham Stephan and Ben Armstrong, also known as BitBoy Crypto, were named. Each party has filed motions to dismiss the suit.
The case raises important questions about the responsibility of celebrities and influencers when endorsing cryptocurrency platforms. As the legal proceedings continue, how the court will interpret the significance of Butler’s tweets and the impact on the overall lawsuit remains to be seen.
Jimmy Butler’s legal team has presented arguments seeking his dismissal from the class action lawsuit targeting Binance and its alleged promotion of unregistered securities. The basketball star’s tweets and videos emphasize individual research and responsibility, questioning the interpretation of celebrity endorsements in the crypto space. As the case progresses, the outcome will have significant implications for the accountability of celebrities in the digital asset industry.
