Dismissal of Binance and Zhao’s Appeal: Supreme Court Supports Class Action

user avatar

by Giorgi Kostiuk

2 years ago

The US Supreme Court has dismissed Binance and Changpeng Zhao's appeal against the decision allowing a class action suit regarding tokens.

Supreme Court Decision

The US Supreme Court upheld the 2nd Circuit Court's decision, allowing the class action suit against Binance to proceed. Investors who purchased ICX, OMG, QSP, TRX, FUN, EOS, and ELF in 2017 argued that the sales happened within the US, thereby necessitating the application of US laws. Binance countered these claims, stating it is not a US entity as its headquarters are outside the country.

Binance's Appeal Efforts

Binance appealed to the Supreme Court, arguing that the 2nd Circuit misapplied the Morrison precedent by holding the exchange accountable across various stages of securities transactions. Binance highlighted that the issue was of global significance for financial markets and requested the Supreme Court to clarify the application of US laws to foreign trading platforms.

Context and Case Significance

Binance admitted to violating federal anti-money laundering laws in a separate case in February 2024. The company stated that it has upgraded its KYC protocols to prevent illegal activities on its platform.

The Supreme Court's decision to support the class action against Binance sets a significant precedent for international cryptocurrency platforms and their compliance with US law.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Justin Sun Prize Launched to Transform Scientific Research

chest

The Justin Sun Prize has been established to redefine scientific rewards in the AI era, offering up to $1 million for breakthroughs in fundamental disciplines and machine formal verification.

user avatarKenji Takahashi

bdautomated Releases Verified AI Agent Statistics for 2026

chest

bdautomated releases a comprehensive dataset on AI agent statistics for 2026, tracing 75 widely quoted figures back to their original sources.

user avatarMaria Fernandez

Korea Blockchain Week 2026 Announces Key Sponsors and Speakers

chest

Korea Blockchain Week 2026 has unveiled its partner lineup, featuring major players in the digital asset industry, including Upbit, 0G, BRV, Stable, Tria, and BitGo. The event will take place in Seoul from September 29 to October 1, 2026, and will host key speakers discussing significant shifts in the digital asset industry.

user avatarGustavo Mendoza

Morgan Stanley's Bitcoin Accumulation Boosts Market Confidence

chest

Morgan Stanley has been actively accumulating Bitcoin through the ETF route, amassing approximately 622 million worth of the cryptocurrency this month.

user avatarRajesh Kumar

Microsoft Opens Public Feedback for AI Code of Conduct

chest

Microsoft is inviting public feedback on its draft Code of Conduct for AI models until late October, aiming to refine guidelines before finalizing them for 2027.

user avatarLuis Flores

Microsoft AI Releases Draft Code of Conduct for AI Models

chest

Microsoft AI has published a draft Code of Conduct outlining the expected behavior and limitations of its AI models, inviting public feedback for six weeks.

user avatarMiguel Rodriguez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.