U.S. Supreme Court rejects Binance's request for review of securities law applicability ruling

On Monday, the U.S. Supreme Court rejected a request by Binance and its former CEO CZ to review a lower court ruling that held that U.S. securities laws apply to cryptocurrency exchanges even if they do not have a physical headquarters. The case stems in part from whether Binance is subject to U.S. securities laws because it has no official location and headquarters. Binance asked the Supreme Court to review a ruling by the U.S. Court of Appeals for the Second Circuit, which held that the trading platform is subject to U.S. securities laws regardless of whether it has an office in the United States. Binance and CZ believe that the case is of global importance and could affect the trillion-dollar digital asset industry. The petition states: "Recent technological innovations have enabled investors to participate in foreign financial markets more easily and efficiently. These opportunities were once only available to those who could go abroad, work with international investment firms, or establish offshore entities, and the Internet has helped investors with fewer resources gain access to the same opportunities. Investors in Japan can now easily trade on European exchanges with just a click of the mouse. This interconnectivity and ease of access has not only expanded the size of the trading market, but also increased the number of Americans trading on foreign exchanges." (The Block)