NYC Court Dismisses Lawsuit Against Bancor Alleging Securities Law Violation

In yet another legal victory for the crypto-industry, a New York District Court Judge has ruled in favor of on-chain liquidity protocol Bancor in a lawsuit that has been raging since April 2020. Judge Alvin Hellerstein granted a motion to dismiss a lawsuit against Bancor, one alleging unregistered securities offerings worth $153 million.

The plaintiffs also claimed that Bancor “made numerous false statements and omissions that led reasonable investors to conclude that the BNT tokens were not securities.”

However, granting the motion for dismissal, the judge held, “Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation.”