An all-too-familiar class action defense has imperiled a novel case accusing crypto trading platform Binance.US of breaching securities laws by facilitating trades in Terra USD, the collapsed stablecoin.
against Binance’s Malta-headquartered parent company. By asserting that Binance U.S. was illegally operating as an unregistered U.S. exchange, plaintiffs' lawyers from the firm then known as Roche Freedman hoped to shut down defense arguments that U.S. securities laws do not apply to trades on the platform.
Binance told Corley that Nuveen willingly acceded to those terms so the agreement cannot be considered procedurally unconscionable. Even if the arbitration agreement were so substantively unfair that it cannot be enforced – a scenario Binance vehemently denied – only an arbitrator can make that determination, Binance said. opposing Binance’s motion to compel arbitration on Wednesday.
Beyond the procedural arguments, Freedman Norman contends that the arbitration agreement is fundamentally unfair to consumers because, among other things, it established a cumbersome complaint, notice and arbitration process for consumers while allowing Binance to retain the option of litigating in court. Last year, the brief noted, U.S. District Judge William Alsup of San Francisco
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