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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

BNB Chain Sets Activation Schedule for Lorentz Hard Fork

chest

BNB Chain developers have announced the activation schedule for the Lorentz hard fork, set to occur at block height 42,100,000, introducing BEP341 transaction priority changes aimed at reducing gas costs.

user avatarLi Weicheng

The Growth of Actively Validated Services in EigenLayer

chest

EigenLayer's success in restaking relies on the growth of Actively Validated Services (AVSs) that utilize restaked security, which is essential for generating sustainable fees and ensuring the overall success of the restaking model.

user avatarBayarjavkhlan Ganbaatar

EigenLayer Surpasses 5 Million ETH in Restaking Deposits

chest

EigenLayer has achieved a significant milestone by crossing 5 million ETH in restaking deposits, indicating the rapid growth of the restaking market.

user avatarAisha Farooq

Uniswap v4 Hook Library Expands with New Features

chest

Uniswap has recently expanded its v4 hook library by introducing automated liquidity management tools, allowing developers to customize liquidity pool behavior and enhance DeFi design.

user avatarTenzin Dorje

Optimism Launches Superchain Interoperability Upgrade on Sepolia Testnet

chest

Optimism has successfully launched its Superchain interoperability upgrade on the Sepolia testnet, allowing developers to test cross-L2 messaging across OP Stack chains.

user avatarMohamed Farouk

XRP Ledger Achieves Key Milestone with AMM Amendment

chest

The XRP Ledger has achieved 80 validator consensus for its Automated Market Maker amendment, marking the start of the activation window for native AMM functionality.

user avatarElias Mukuru

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.