Binance Holdings Ltd. is facing a lawsuit alleging it violated securities and competition laws for attempts to monopolize the cryptocurrency platform market, the latest legal challenge for the company.

Plaintiff Nir Lahav, who invested in cryptocurrencies, accuses Binance of violating the Securities Exchange Act as well as California’s Unfair Competition Law by hampering competitor trading platforms operated by entities of rival FTX, according to a proposed class action filed Monday in the US District for the Northern District of California.

The class is supposed to cover anyone who was invested with FTX before Nov. 6, 2022, and after Nov. 8, …