Miami Heat’s Jimmy Butler and Crypto Influencer Ben Armstrong to Pay $340K in Binance Settlement
Miami Heat star Jimmy Butler and prominent crypto influencer Ben Armstrong, also known as “BitBoy Crypto,” have agreed to pay a total of $340,000 as part of a settlement with Binance, the world’s largest cryptocurrency exchange. The settlement arises from allegations that the two personalities unlawfully promoted Binance and its affiliate programs without proper disclosures.
The issue at hand revolves around Butler and Armstrong’s involvement in endorsing Binance’s services through various social media platforms, including Twitter and YouTube. They were accused of failing to disclose their financial ties to the company, a violation of the Federal Trade Commission (FTC) guidelines which require clear and conspicuous disclosure of material connections between endorsers and the products they promote.
The $340,000 settlement, which is divided between Butler and Armstrong, serves as a resolution to the legal challenges without admitting any wrongdoing. While specific details regarding the distribution of the payment between the two were not disclosed, the settlement emphasizes the growing scrutiny on celebrity endorsements in the cryptocurrency space.
Binance has been under intense regulatory scrutiny globally, facing accusations of enabling money laundering and unregistered trading activities. This latest settlement underscores the importance of transparency and compliance in the rapidly evolving cryptocurrency market, particularly as influencers and celebrities continue to play a significant role in driving public interest and investment.
Jimmy Butler, known for his leadership on the basketball court, and Ben Armstrong, a prominent figure in the crypto community, have both built large followings. This settlement serves as a reminder that with influence comes responsibility, especially in the financial and investment sectors, where regulatory bodies are increasingly vigilant in protecting consumers from misleading or undisclosed promotional activities.
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