Binance Defeats Eqonex Investors’ Suit Over Merger Intentions

Investors in cryptocurrency exchange Eqonex Ltd. failed to adequately allege that Binance Group and its Bifinity UAB unit intended to run it into the ground instead of completing a merger, a federal court ruled.

The proposed class action centers on allegations that Bifinity entered into a strategic partnership solely to take over its U.K.-approved custodial wallet services after its own had been rejected. But a “motive to access the U.K. market does not equate to a motive to bring down Eqonex,” Judge Gregory H. Woods said in an order entered Thursday in the docket of the US District Court for ...