CASES

Binance Crypto-Wash Litigation

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Martin v. Binance Holdings, Ltd. United States District Court, Western District of Washington
Case No. 2:24-cv-01264

Case Status

November 2024, the parties agreed to stay discovery in anticipation of defendants’ motion to transfer or compel arbitration. In 2025, the litigation was transferred to the Southern District of Florida, and the Martin and Baratta cases were consolidated for the purpose of Binance’s motion for arbitration. The Court granted Binance’s motion compelling arbitration in early 2026. Plaintiffs filed an appeal with the Eleventh Circuit Court of Appeals in May 2026.

On August 19, 2026, the Eleventh Circuit remanded the case back to the Southern District of Florida and directed the court to vacate its order compelling Plaintiffs to arbitrate.

On August 20, 2026, trial court Judge Ruiz vacated the arbitration order and set a status conference for August 27, 2026.

We urge you to check this website periodically as it will be updated as the litigation progresses.

Case Overview

Plaintiffs filed this class action lawsuit in federal court in the Western District of Washington on August 16, 2024, seeking declaratory, injunctive, and other relief under the Racketeer Influenced and Corrupt Organizations (RICO) Act, 18 U.S.C. § 1962, for themselves and a class of individuals to be certified by the Court.

Plaintiffs allege that Binance Holdings, Ltd. (Binance) and Bam Trading Services Inc. (Binance.US), under the control of Changpeng Zhao (Zhao), were aware that hackers, fraudsters, and other bad actors were using Binance.com to launder cryptocurrency which had been stolen from Plaintiffs and others, and that Binance, Binance.US and Zhao permitted that laundering as part of a conspiracy to gain market share and generate large revenues for Binance.

To achieve these goals, Plaintiffs allege that Binance and Zhao set up and managed the Binance Platform, including Binance.com and Binance.US, in a manner that willfully violated U.S. laws and regulations meant to prevent the theft and laundering of cryptocurrency. This willful violation allowed bad actors and sanctioned entities to create accounts, deposit and withdraw cryptocurrency, and exchange cryptocurrency with anonymity. That anonymity provided a haven for criminals to transform stolen cryptocurrency into untraceable assets. Through their conspiracy and fraudulent scheme, Defendants generated massive amounts of fees on the transactions that consisted of cryptocurrency stolen from Plaintiffs and others.

Defendants have not yet answered Plaintiffs’ claims.

You may review the Class Action Complaint in the Case Documents section below.

08/16/2024

Complaint

08/19/2026

11th Circuit's Order

Practice Areas

Class Action & Complex Litigation

Attorneys

Derek W. Loeser

Partner

Chris Ryder

Associate