The U.S. Supreme Court rejected Binance and founder Changpeng Zhao's appeal regarding the applicability of securities laws

ChainCatcher news, according to The Block, the U.S. Supreme Court has rejected the appeal request from cryptocurrency exchange Binance and its founder Changpeng Zhao (CZ) to review the lower court's ruling. Previously, the Second Circuit Court of Appeals ruled that, despite Binance not having a physical headquarters, U.S. securities laws still apply to the exchange.

The case originated from the U.S. Securities and Exchange Commission (SEC) accusing Binance of illegally providing services to U.S. users since 2023. At the end of 2023, Binance pleaded guilty to multiple criminal charges and paid a $4.3 billion fine. In the appeal, Binance argued that the case has global implications and involves regulatory applicability issues in the digital asset industry, but the court upheld the original ruling on the grounds that the transactions occurred on U.S. servers.