Binance and its founder Changpeng "CZ" Zhao are facing a class action lawsuit after the U.S. Supreme Court refused to hear their appeal. Investors accuse the exchange of selling unregulated tokens, which subsequently lost most of their value.

The court case began in 2020, when investor Chase Williams filed a lawsuit alleging that Binance was acting as an unregistered broker-dealer. Earlier in March 2024, a lower court ruled that the case could proceed, as the transactions took place through servers in the United States, despite the fact that Binance does not have a physical headquarters in the country.

Binance has already faced numerous regulatory challenges in the United States, including a $4.3 billion fine for violating anti-money laundering laws in 2023. The Supreme Court's decision increases the legal burden on the company.