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Decentralised infrastructure may not shield trading platforms from securities claims
© Copyright LexisNexis 2024. All rights reserved.
30 September 2024
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Author(s):
Herbert F Kozlov
,
Mark Bini
,
Matthew Townsend
,
Rebeca Mosquera
,
Lilly M Brown
In Lee et al. v Binance, No. 22-972, 2024 U.S. App. LEXIS 5616, 96 F.4th 129 (2d Cir. March 8, 2024), the US Court of Appeals for the Second Circuit reversed the district court’s dismissal of securities fraud class action claims against Binance, an international cryptoasset platform. The Court of Appeals held that purchasers plausibly alleged that transactions on the exchange which disclaimed having any physical location were domestic, thereby potentially subjecting Binance to US securities laws.
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