In a recent legal development, a court decision has gone against Binance and its CEO, Changpeng Zhao, in their attempt to throw out a U.S. lawsuit accusing them of breaching securities laws.
As a crypto investor, I’ve learned that our case against Binance and its CEO, CZ Zhao, has not been dismissed by the U.S. Supreme Court. The court refused their appeal to scrap the class action lawsuit we’ve filed over allegations of selling unregistered securities. This means our legal battle continues in pursuit of justice for investors like myself.
As a crypto investor, I’ve found myself joining a group of traders who have filed a complaint against Binance. The gist of our accusation is that Binance failed to provide adequate risk disclosure regarding tokens like Tron (TRX) and EOS (EOS), among others. The main goal behind this lawsuit is to recover the funds we’ve invested in these tokens, which have been a significant part of our investment portfolio.
As a researcher, I’d express it like this: I’ve found that Binance, along with its legal team, has countered the allegations against them. Their stance is that the exchange’s activities do not fall under the jurisdiction of U.S. securities laws. Consequently, Binance initially sought to have the case dismissed in the United States Court of Appeals for the Second Circuit, based on this argument.
Nevertheless, the Appeals Court determined that Binance was responsible for the transactions, as investors had bought the tokens within the United States. This verdict was sustained by the Supreme Court, as reported on January 13.
The news might represent another potential legal setback for the biggest centralized cryptocurrency exchange, an entity that has previously encountered legal disputes in American courts.
In November 2023, Binance reached a $4.3 billion agreement with the Department of Justice to settle charges related to federal anti-money laundering infractions. As part of this settlement, its then-CEO stepped down and served a four-month prison term.
In a separate matter, the DOJ case has no connection to the investor-led class action suit. Similarly, CZ’s organization is currently involved in a legal dispute with the U.S. Securities and Exchange Commission regarding securities.
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2025-01-13 21:10