On February 17, 2026, the United States District Court for the District of Arizona dismissed a class action lawsuit filed by Ryan Cox against BAM Trading Services Inc. (Binance.US) and CoinMarketCap (CMC). Presided over by Judge Susan M. Brnovich, the case alleged violations of the Commodity Exchange Act (CEA), Arizona Consumer Fraud Act (ACFA), and Sherman Act. The court granted dismissal but allowed Cox to amend the complaint.
Cox accused BAM and CMC of suppressing the cryptocurrency HEX’s value. CMC, known for tracking crypto prices, is owned by Digital Anchor Holdings Ltd., formerly Binance Capital Management Co., Ltd., with BAM as its U.S. affiliate. Cox argued that CMC downranked HEX's market capitalization, hurting its visibility and price performance. While other platforms ranked HEX among the top 10 cryptocurrencies, CMC allegedly kept it at 201st, claiming this harmed investors’ interest and inflated the value of competing currencies like Binance Coin.
The court rejected Cox’s claims under the CEA, partly because spot market transactions don’t qualify for private actions under the act. Similarly, ACFA claims were not upheld as Cox didn’t buy HEX through CMC, nor was HEX traded on BAM’s platform. For the Sherman Act, Cox couldn’t prove anti-competitive behavior or monopolization by BAM or CMC.
Cox’s complaint was dismissed without prejudice, giving him 30 days to file an amended version.
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