Supreme Court Allows Class Action Lawsuit Against Binance to Proceed
The US Supreme Court has allowed a class action lawsuit against Binance to proceed, rejecting arguments regarding US jurisdiction. Key points include:
- The lawsuit claims Binance illegally sold unregistered tokens and did not disclose investment risks for certain low-cap cryptocurrencies.
- Eligible investors purchased specific tokens like EOS, TRX, and OMG after 2017.
- This ruling may influence ongoing legal battles against Binance amid scrutiny from US regulators.
- Changpeng “CZ” Zhao, Binance's former CEO, remains involved despite no longer holding an official position.
- The case contrasts with criminal allegations against Binance, potentially weakening its defense in other disputes.
- The ruling reflects a judicial willingness to address complex financial issues involving foreign exchanges.
- Clemency from the next administration regarding this civil case is considered unlikely.
The lawsuit further intensifies legal challenges facing Binance in the global crypto market.