The U.S. Supreme Court rejected Binance and CZ's petition for appeal regarding the applicability of securities laws.
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The U.S. Supreme Court rejected Binance and CZ's petition for appeal regarding the applicability of securities laws.
According to The Block, the U.S. Supreme Court has rejected cryptocurrency exchange Binance and its founder Changpeng Zhao (CZ)'s petition seeking review of a lower court ruling. Previously, the Second Circuit Court of Appeals ruled that U.S. securities laws apply to the exchange, even though Binance does not have a physical headquarters. The case stems from the U.S. Securities and Exchange Commission (SEC) accusing Binance of illegally providing services to U.S. users starting in 2023. By late 2023, Binance pleaded guilty to multiple criminal charges and paid a $4.3 billion penalty. In the appeal, Binance acknowledged
Navigating Web3 tides with focused insightsTechFlow news, January 14 — According to The Block, the U.S. Supreme Court has rejected an appeal by cryptocurrency exchange Binance and its founder Changpeng Zhao (CZ) seeking review of a lower court ruling. Previously, the Second Circuit Court of Appeals ruled that U.S. securities laws apply to Binance, even though the exchange does not have a physical headquarters.
The case stems from U.S. Securities and Exchange Commission (SEC) allegations beginning in 2023 that Binance provided services illegally to U.S. users. By the end of 2023, Binance pleaded guilty to multiple criminal charges and paid a $4.3 billion penalty. In its appeal, Binance argued the case has global implications and involves regulatory applicability issues for the digital asset industry, but the court upheld the decision, citing that transactions occurred on servers located in the United States.
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