US Supreme Court rejects Binance's bid to avoid crypto lawsuit
Jan 13 (Reuters) - The U.S. Supreme Court turned away on Monday a bid by Binance and founder Changpeng Zhao to avoid a lawsuit by investors who accused the world's largest cryptocurrency exchange of illegally selling unregistered tokens that lost much of their value.
The justices declined to hear an appeal by Binance and Zhao of a lower court's decision to let the proposed class action proceed. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled that domestic securities laws could apply despite Binance not being a U.S. company because token purchases became irrevocable in the United States once investors paid for them.
(Reporting by Jonathan Stempel in New York; Editing by Will Dunham)
((andrew.chung@thomsonreuters.com; 332.219.1428 ; 646.407.9441 mobile;))
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