Binance Fails to Get Supreme Court Review on Reach of US Laws

The US Supreme Court Monday denied Binance Holdings Ltd.'s petition for review of a decision allowing a proposed class action to proceed against it for operating an unregistered securities exchange.

Binance sought reversal of the US Court of Appeals for the Second Circuit’s ruling that US securities laws apply even though the company allegedly disclaims any physical location. “In the context of private securities litigation, this Court has admonished courts—and the Second Circuit in particular—to apply bright-line rules and be wary of allowing U.S. courts to become ‘the Shangri-La of class action litigation,’” Binance said in its petition. The ...