Binance to face class action after US Supreme Court denies petition for review
The US Supreme Court declined to hear Binance's appeal regarding a class-action lawsuit from investors alleging the exchange sold unregistered tokens. The court upheld a lower court ruling that US securities laws apply to Binance, despite its lack of a physical headquarters in the US. The case, initiated by Chase Williams in April 2020, will proceed following the Supreme Court's decision. Binance's legal issues have intensified since mid-2023, including a lawsuit from the SEC for selling unregistered securities. In November 2023, Binance settled with the US Department of Justice for $4.3 billion over money laundering violations. Additional lawsuits include a class action in Canada and a claim from the FTX bankruptcy estate for $1.8 billion. Changpeng Zhao was sentenced to four months in prison for enabling money laundering and was released in September.
