Share this article
Lawsuit Against Crypto Project Bancor Dismissed in New York
The lawsuit had alleged investors had been misled by Bancor and that its tokens were in fact securities.
Updated Sep 14, 2021, 12:16 p.m. Published Feb 24, 2021, 2:37 p.m.
A lawsuit against on-chain liquidity protocol Bancor alleging unregistered security offerings worth £153 million (US$216 million) has been tossed by a New York judge.
STORY CONTINUES BELOW
- “Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation,” District Judge Alvin Hellerstein said in the ruling Monday.
- Lawyers for Zug- and Tel Aviv-based Bancor (named in the complaint as Bprotocol Foundation) had previously asserted that a court outside the U.S. would be a more suitable venue for the case.
- Judge Hellerstein also determined the plaintiff had not demonstrated that the securities were purchased as a result of active soliciting by Bancor.
- The lawsuit alleged that investors had been misled by "numerous false statements and omissions" leading them to conclude the tokens issued by Bancor were in fact securities and subject to U.S. law.
- Initial plaintiff William Zhang of Wisconsin said he had purchased 587 Bancor network tokens (BNT) worth $212.50 on Singapore-based digital exchange COSS.
- Zhang subsequently withdrew be replaced by Timothy Holdsworth as the case's lead plaintiff.
See also: Lawsuit Against Israeli Crypto Entrepreneur Moshe Hegog Fails in US Court
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Poland’s lower house approves crypto law again, sends vetoed bill back to Senate
The Sejm passed the same version of the Crypto-Asset Market Act previously rejected by President Nawrocki, escalating political tensions.
What to know:
- Poland's lower house of parliament passed a crypto regulation bill previously vetoed by President Nawrocki, sending it to the Senate for further debate.
- The bill aligns with the EU's MiCA regulation, but is criticized for granting excessive powers to the Polish Financial Supervision Authority.
- Prime Minister Tusk's government reintroduced the bill unchanged, emphasizing its importance for national crypto market oversight.
Top Stories
