US Supreme Court Upholds Ruling Against Binance Amid Ongoing Regulatory Challenges

On January 14th, COINOTAG News reported that the US Supreme Court has denied an appeal from Binance and its CEO, Changpeng Zhao (CZ), seeking to challenge a prior ruling from a lower court. The Second Circuit Court of Appeals previously determined that US securities laws are applicable to Binance, despite the exchange’s lack of a physical headquarters in the country. This legal battle originates from allegations made by the US Securities and Exchange Commission (SEC), asserting that Binance has unlawfully catered to US clients since 2023. Consequently, by the end of 2023, Binance faced a substantial penalty of $4.3 billion related to various criminal charges. In their appeal, Binance contended that the outcome of this case could set a precedent with far-reaching regulatory consequences for the broader crypto market, yet the court reaffirmed its position, emphasizing the domestic transactions at the heart of the matter.