Lawyers for the basketball star claim he did not mention any alleged securities but instead warned of celebrities promoting crypto investments.
Professional basketball player Jimmy Butler has asked to be dismissed from a class-action lawsuit targeting celebrities involved in the alleged promotion of unregistered securities by Binance, saying tweets he appeared in did not promote the named securities.
In a July 24 filing, Butler’s lawyers argued three tweets he appeared in promoting Binance between Feb. 2 and Feb. 13 of 2022 did not mention allegedl unregistered securities and thus could not have helped to promote them.
They asserted Butler’s tweets did not recommend any investment and instead warned of celebrity crypto endorsements, urging potential Binance customers to do their own research on crypto investments.
Butler was named in the March class-action lawsuit alongside Binance, its CEO, Changpeng “CZ” Zhao, and YouTubers Graham Stephan and Ben Armstrong, who is known as BitBoy Crypto.
Binance engaged Butler — an All-Star player for the National Basketball Assocation's Miami Heat — in 2022 to promote the exchange in the lead-up to that year’s Super Bowl.
He first appeared in a video promoting a free nonfungible token (NFT) collection from Binance on Feb. 2, 2022. Butler subsequently tweeted another two videos that month, on Feb. 7 and Feb. 13.
Trust yourself.
— Binance (@binance) February 2, 2022
02.13.22
Here's a message from all-star basketball forward @JimmyButler ⤵️ pic.twitter.com/WS9XCQrlhO
In the video posted by Binance, Butler says “you’re going to hear some of the biggest names telling you to get into crypto but they don’t know you or your finances.”
“Binance and I are here to tell you, trust yourself and, of course, do your own research,” he added.
Related: Binance cuts back on employee benefits, citing ‘decline in profit’: Report
In Butler’s first tweet for the exchange, he said those who used the hashtag “#CryptoCelebAlert” during the Super Bowl could win one of 2,222 NFTs. In another of Butler’s videos, he urged followers to trust themselves and do their own research into crypto.
Is crypto for you? DO YOUR OWN RESEARCH, trust yourself. ⁰⁰I’m giving away 2222 NFTs of me during the game today with @Binance. When a big name tries to sell you crypto, sound the #CyptoCelebAlert buzzer. #ad
— Jimmy Butler (@JimmyButler) February 13, 2022
⁰Learn more➡️https://t.co/zh3cpqeYF7 pic.twitter.com/fzBdSUGCfW
A June 27 amended complaint said Butler’s statements were deceptive as they appeared alongside the promotion of the free Binance NFTs and its exchange platform.
Zhao, Binance and Armstrong have similarly filed motions to dismiss the suit. On June 15, the class action dismissed finance YouTuber Stephan from the suit.
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