According to the Complaint, BAM Trading Services Inc. is a Delaware corporation that operates under the trade name Binance U.S. Binance U.S. is a crypto-asset exchange that operates a platform on which customers discover, research, buy, and sell digital assets.

Between April 13, 2022, and the present, Binance U.S. used its website to buy from and sell Terra USD stablecoins to investors.

The Complaint alleges that throughout the Class Period, Binance U.S. has offered and sold unregistered securities throughout the United States on its Exchange, without registering as a national securities exchange or as a brokerdealer, and without there being any registration statements in effect for the Tokens it was selling, all in violation of applicable law.

On September 19, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 19. Lead Plaintiff voluntarily dismissed an individual Defendant on November 11. On December 10, Lead Plaintiff voluntarily dismissed the remaining Defendant.