Among other things, the plaintiff maintained that he did not know there was a violation until the SEC issued its Framework for "Investment Contract" Analysis of Digital Assets, and that Bibox concealed the fact that it was selling a Howey security and so plaintiff's discovery of the untrue statements was delayed. District Judge Denise Cote dismissed a suit by a cryptocurrency purchaser who claimed that Bibox, a digital-asset trading platform, had sold digital tokens without first registering them as securities. District Court for the Southern District of New York, U.S. In that case, In re Bibox Group Holdings Ltd. The dismissals come only a few weeks after a similar class action was dismissed on statute of limitations grounds under the Securities Act of 1933 because the plaintiff did not bring his action a) for Section 12(a)(1) within one year of the violation on which it is based or (b) for Section 12(a)(2) within one year after the discovery of untrue statements or omissions. These five cases were among a group of 11 filed in 2020 against various cryptocurrency companies for unlawfully issuing and selling digital tokens at least two of these cases remain active. and HDR Global Trading Ltd., alleged that the companies harmed their customers by issuing or offering for sale digital assets that had not been properly registered as securities. Status Research and Development GmbH Civic Technologies, Inc. The cases, which were filed against Quantstamp, Inc. Recently, cryptocurrency buyers withdrew five separate proposed class actions against various cryptocurrency companies.
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