"They will be hit with a class action lawsuit if they do."

First of all, no one has enough Steem value to start a class-action lawsuit against a giant such as Binance. They would likely go broke before they would ever see a dime from such a lawsuit even if they had the potential of winning. And even if they won, they would likely never receive enough to cover all their legal expenses, let alone anything else. And secondly, the whole cryptocurrency industry is still seen as being rather shady, so it would be very unlikely that a Court would grant class-action status to a such a claim in the first place. Obtaining a judge that even understands the crypto industry would not be an easy task.