Miami Heat superstar Jimmy Butler and YouTube influencer Ben Armstrong agreed to settle a lawsuit accusing them of promoting the sale of unregistered securities through Binance, the world’s largest cryptocurrency exchange by volume. The 6-time NBA All-Star forward and ‘BitBoy Crypto’ are committed to paying $340,000 in monetary relief.
The lawsuit was filed against Binance and co-founder Changpeng Zhao alongside Butler and Armstrong last year. In March 2024, the class-action lawsuit alleged that Armstrong and Butler helped the crypto firm sell unregistered securities. Binance’s native BNB token and BUSD, a Binance-branded stablecoin once issued through Paxos Trust, also violate US laws.
The Moskowitz Law Firm and Boies Schiller Flexner led the class-action lawsuit. The class group includes Armstrong, Butler, Zhao, and Binance.US, which operates under BAM Trading Services.
How Much Money Will Jimmy Butler Pay In Settlement?
The class action lawyers have filed for a settlement allowing the NBA star to pay $300,000 and the YouTuber $40,000 in monetary relief. As part of the settlement, Butler and Armstrong denied any wrongdoings. However, the decision of U.S. District Judge Roy Altman will determine their fate. The settlement agreement was filed in Miami Federal Court on August 19.
An excerpt from their lawsuit settlement read, “All Settling Defendants will provide collectively $340,000 in monetary relief, in exchange for reaching these early settlements, which will be held in the Settlement Fund pending further order on distribution to the Binance Class Members.” The settlement is paramount for Jimmy Butler.
Speaking about the last season, the Miami star played 60 games and averaged 20.8 points, 5.3 rebounds, and 5.0 assists per game. However, in the Heat’s penultimate regulated season game, Butler sprained his MCL against the Philadelphia 76ers. The injury kept him out of the NBA Playoffs, where Miami lost 4-1 in Round 1 against the Boston Celtics, who lifted the Larry O’Brien Trophy in 2024.
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