Miami Heat all-star Jimmy Butler has requested to be excluded from a class-action lawsuit against Binance, asserting that his promotional tweets did not endorse the securities in question. His legal team has presented three promotional tweets from February 2 to 13, 2022, arguing that these tweets did not mention the alleged unregistered securities.
Butler’s legal representatives argue that his tweets were not meant to promote any specific investment; instead, they were intended to be cautionary, encouraging potential Binance customers to conduct thorough research before making any crypto investments.
This aspect is crucial to Butler’s defense, differentiating his communications from typical celebrity endorsements. His association with Binance started in 2022 when he, as an NBA All-Star player with the Miami Heat, participated in a promotional campaign in collaboration with Binance during the Super Bowl. In a video promoting Binance’s complimentary non-fungible token (NFT) collection on February 2, Butler advised viewers that some high-profile individuals might endorse crypto investments without fully comprehending their financial implications. He emphasized the importance of trusting oneself and doing diligent research before investing in cryptocurrencies.
The class-action lawsuit, filed in March, includes Butler, Binance, its CEO Changpeng Zhao, and prominent YouTubers Graham Stephan and Ben Armstrong (also known as BitBoy Crypto). However, an updated complaint on June 27 contends that Butler’s promotional content was misleading as it coincided with the promotion of Binance’s free NFTs and exchange platform.
Like Butler, Binance CEO Changpeng Zhao, Coinbase CEO Brian Armstrong, and Binance itself have also attempted to have the class-action lawsuit dismissed. It is worth noting that finance YouTuber Stephan was removed from the case on June 15. The ongoing legal proceedings are expected to provide insights into the complexities of celebrity involvement in cryptocurrency promotions.