On January 14, TheBlock reported that the US Supreme Court dismissed Binance and its founder CZ’s appeal to review the lower court’s ruling. Previously, the Second Circuit Court of Appeals ruled that although Binance has no physical headquarters, US securities laws still apply to the trading platform.

The case stems from the US Securities and Exchange Commission (SEC) accusing Binance of illegally providing services to US users since 2023. At the end of 2023, Binance paid a fine of US$4.3 billion for multiple criminal charges. In the appeal, Binance believed that the case had global implications and involved regulatory applicability issues in the crypto industry, but the court upheld the original verdict on the grounds that the transaction took place in the United States.

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