Bancor 'BNT' Security Tokens Case Dismissed By NY Judge.

Bancor 'BNT' Security Tokens Case Dismissed By NY Judge.

2021-02-24 | Eddy Morgan

Bancor 'BNT' Security Tokens Case Dismissed By NY Judge.

A legal case against on-chain liquidity protocol Bancor alleging unregistered security offerings worth £153 Mln has been tossed by the New York judge. “Wherever the present business location of Bancor, NY isn't a responsible & convenient place to conduct this litigation,” District Judge Alvin Hellerstein added within the ruling earlier on Monday. Lawyers for Zug & Tel Aviv-based Bancor [named within the complaint as Bprotocol Foundation] had earlier asserted that a court outside the United States would be a more suitable venue for the case. Judge Hellerstein also determined that the plaintiff had not demonstrated that the securities were brought as a result of active soliciting by Bancor. The lawsuit alleged that investors had been misled by "numerous false statements & omissions" leading them to conclude that the tokens issued by Bancor were actually securities and subject to United States law. Initial plaintiff William Zhang of Wisconsin added that he had purchased 587 Bancor Network Tokens [BNT] worth $212.50 USD on Singapore-based digital exchange COSS. Zhang subsequently withdrew get replaced by Timothy Holdsworth as the case's lead plaintiff.

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