TechFlow news, January 14 — According to The Block, the U.S. Supreme Court has rejected Binance and its founder Changpeng Zhao (CZ)'s petition to review a lower court ruling. Previously, the Second Circuit Court of Appeals ruled that U.S. securities laws apply to Binance, despite the exchange lacking a physical headquarters.
The case stems from the U.S. Securities and Exchange Commission's (SEC) 2023 allegations that Binance illegally provided services to U.S. users. By the end of 2023, Binance pleaded guilty to multiple criminal charges and paid a $4.3 billion fine. In its appeal, Binance argued the case carries global implications regarding regulatory applicability in the digital asset industry, but the court upheld the original decision, citing that transactions occurred on servers located in the United States.
