Two OpenSea users withdraw lawsuit over OpenSea selling unregistered securities contracts

Odaily Planet Daily News Recently, two OpenSea users, Anthony Shnayderman and Itai Bronshtein, voluntarily withdrew their securities lawsuit against Ozone Networks (operating under the name of OpenSea) in the federal court in Florida. Previously, Judge Cecilia Altonaga ordered last month to allow OpenSea to file a motion to compel arbitration against the two individuals. OpenSea insists on arbitrating these two users and adds that the platform “intends to take prompt action to force the plaintiffs to arbitrate their claims on the agreed forum” and will appeal any dismissal by the court, suspending the case. Earlier, two OpenSea users filed a class-action lawsuit in the federal court in Florida, accusing the non-fungible token (NFT) trading platform OpenSea of selling unregistered securities contracts. Plaintiffs Anthony Shnayderman and Itai Bronshtein claimed that the NFTs they purchased on OpenSea, including the high-priced Bored Ape Yacht Club series, were “worthless” due to their “illegal nature.” The plaintiffs cited last month’s disclosure by the U.S. Securities and Exchange Commission (SEC) on OpenSea’s Wells notice as evidence. They believe this indicates that OpenSea may face legal liability for facilitating unregistered securities transactions.