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The Coin Rise 2025-01-14 10:23:10

Supreme Court Rejects Binance and CZ’s Appeal in U.S. Class-Action Lawsuit

Supreme Court Rejects Binance and CZ’s Appeal in U.S. Class-Action Lawsuit

The United States Supreme Court has declined to hear an appeal from Binance and its founder, Changpeng “CZ” Zhao, allowing a class-action lawsuit alleging the illegal sale of unregistered tokens to proceed. The Jan. 13 decision upheld a lower court ruling that determined U.S. securities laws applied to Binance due to transactions being completed on American soil. The lawsuit, filed in April 2020 by investor Chase Williams, accuses Binance of violating securities regulations by selling unregistered tokens through its platform. Binance’s legal team argued that advancements in technology had blurred the lines between local and global financial markets, enabling Americans to trade on foreign exchanges with ease. Despite these claims, the Supreme Court declined to review the case, leaving Binance to face the allegations in court. Legal Challenges Mount for Binance and Zhao This ruling adds to a growing list of legal troubles for Binance and its founder . The Securities and Exchange Commission (SEC) has been pursuing the exchange since mid-2023, accusing it of operating without proper registration and unlawfully offering services to U.S. customers. These actions follow Binance’s $4.3 billion settlement with the Department of Justice in late 2023 for violations of anti-money laundering (AML) and counter-terrorism financing laws. Binance’s legal woes are not confined to the U.S. In April 2023, the company faced a class-action lawsuit in Canada for allegedly breaching securities laws. This lawsuit followed Binance’s announcement of its exit from the Canadian market. Adding to the turmoil, the FTX bankruptcy estate is seeking $1.8 billion from Binance and Zhao over a 2021 share deal it claims was fraudulent. The challenges for Zhao have been particularly personal. In April 2024, he received a four-month prison sentence after admitting to enabling money laundering and failing to implement adequate AML controls at the exchange. Released in late September, Zhao remains a central figure in Binance’s ongoing legal struggles. A Precarious Road Ahead The Supreme Court’s refusal to intervene underscores the intensifying regulatory and legal scrutiny facing Binance. With the class-action lawsuit now moving forward, Binance and CZ must confront serious allegations that could have far-reaching consequences for their operations and reputation. As Binance navigates these turbulent waters, the crypto industry is closely watching how the company addresses its mounting legal challenges and whether it can restore trust amid heightened scrutiny. The post Supreme Court Rejects Binance and CZ’s Appeal in U.S. Class-Action Lawsuit appeared first on TheCoinrise.com .

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Market Cap
24h Vol
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26
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