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

SEC Updates Cryptoassets FAQ with New Governance Questions

On November 2, 2026, the SEC Division of Corporation Finance added new questions to its cryptoassets FAQ, addressing governance through foundations and organizations, control over participation, and the distinction between functional and decentralized networks.

user avatarDiego Alvarez

Chainalysis Reports Security Incident Affecting Customer Data

Chainalysis reported a security incident on October 30 that impacted a subset of customer-related information, including names and email addresses.

user avatarKenji Takahashi

Hong Kong Launches Postquantum Cryptography Toolkit

On November 2, the Hong Kong Monetary Authority and the Hong Kong University of Science and Technology launched a postquantum cryptography assessment toolkit to help banks identify necessary upgrades to their cryptographic systems as quantum computing evolves.

user avatarMaria Fernandez

NYSE Partners with Major Firms for Tokenized Securities Initiative

On November 2, the New York Stock Exchange announced partnerships with Broadridge, Computershare, Equiniti, and Superstate to support a proposed tokenized securities venue aimed at enhancing infrastructure and improving market operations.

user avatarGustavo Mendoza

BTCPay Servers 247 Release Addresses Security Vulnerabilities

The latest release of BTCPay Servers, version 247, includes critical security fixes to enhance security for businesses operating their own Bitcoin payment servers.

user avatarRajesh Kumar

Aave Freezes tBTC Supply and Borrowing Amid Threshold's Pause

Aave contributors announced a freeze on additional tBTC supply and borrowing in its Ethereum Core market following Threshold's temporary pause of the token's mint and redeem functions.

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.