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This past week, Jimmy Butler, the renowned star player of the Miami Heat, took steps to distance himself from a class-action lawsuit that implicated him in the promotion of unregistered securities via Binance. Butler's legal team vehemently argued that his Twitter promotions for Binance made no mention of such securities, refuting any claims of influence over their propagation.
Highlighting his commitment to responsible cryptocurrency promotion, Butler's attorneys emphasized that he never provided investment advice. On the contrary, they pointed to Butler's tweets cautioning his followers against celebrity-backed crypto promotions and urging independent research before investing in digital assets.
The collaboration between Binance and Butler, which began in 2022 with the aim to elevate the company's profile before the Super Bowl, turned controversial when Butler, Binance's head Changpeng "CZ" Zhao, and YouTubers Graham Stephan and Ben Armstrong (BitBoy Crypto) were named in the class-action suit in March.
Butler's promotional activities for Binance started in early February with a video promoting a complimentary collection of nonfungible tokens (NFTs) from the exchange. Subsequent videos on February 7 and 13 emphasized self-trust and independent research as crucial factors in crypto investments.
Despite Butler's legal defense, an amended complaint issued on June 27 claimed that his statements were misleading, given their association with Binance's free NFTs and trading platform.
In related news, Jimmy Butler is among several athletes involved in NFT and crypto endorsements, joining NBA stars Shaquille O’Neal and Steph Curry, NFL legend Tom Brady, and tennis phenomenon Andy Murray.
Following Butler's lead, Zhao, Binance, and Armstrong have also sought removal from the lawsuit. Notably, finance YouTuber Graham Stephan was cleared from the lawsuit as of June 15.
