The judge ruled domestic law doesn’t apply to Binance as it is not an exchange domestic to the U.S. and that the case was filed “too late”.
A federal judge has dismissed a class action complaint asserting Binance violated U.S. securities laws by not registering as a broker-dealer or exchange, and sold crypto tokens which were not registered with the U.S. Securities and Exchange Commission (SEC).The original complaint filed in the U.S. District Court for the Southern District of New York was brought by a group of investors who say they invested in the tokens EOS, BNT, SNT, QSP, KNC, TRX, FUN, ICX, OMG, LEND, ELF, and CVC around 2017 and 2018. An amended complaint was filed, only listing nine tokens, with BNT, SMT, and CVC removed.The investors said the tokens had lost much of their value since purchasing, and were seeking compensation for the price paid for the tokens and the fees paid to Binance in connection with the
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