In February 2022, Eqonex had reportedly become the first crypto company to receive a listing on NASDAQ via a SPAC construction. Eqonex filed for judicial administration with the High Court of Singapore to restructure its debt. In February 2023, the company received a notice from Nasdaq that the company's shares would be delisted on March 1, 2023. On 22 April 2023, the U.S. law firm Rosen Law announced a class action lawsuit against the former Binance affiliate.