Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...
A federal judge in Manhattan has refused Binance’s bid to move a long-running securities lawsuit into private arbitration, allowing a class action alleging the exchange sold unregistered digital tokens to US investors to continue in court.
A lower court dismissed the complaint in 2022, but the Second Circuit revived it in 2024, concluding that US securities laws could apply to Binance even though the exchange lacked a formal domestic headquarters.
The exchange also failed to enforce its class-action waiver. Although the heading referenced such a waiver, the body of the agreement never defined its scope.
The ruling arrives as Binance faces renewed political scrutiny in Washington. A group of 11 US senators recently asked federal authorities to review whether the exchange complies with sanctions and anti-money-laundering requirements.
