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Binance Moves to Enforce Arbitration in U.S. Class-Action Lawsuit
Crypto giant Binance is back in the legal spotlight as it pushes a U.S. federal judge to enforce arbitration on plaintiffs involved in a class-action lawsuit. The company argues that all participants in the case had waived their right to collective legal action when they accepted Binance’s 2019 Terms of Use, which clearly mandated arbitration for all disputes and barred class actions.
Judge Andrew Carter had earlier rejected Binance’s bid to compel arbitration. However, the U.S. Court of Appeals overturned that decision in 2024, reviving Binance's argument and giving the exchange new legal ground.
This case comes amid increasing legal pressure on Binance. In 2023, the SEC lawsuit against the exchange shook the crypto world, eventually leading to a $4.3 billion settlement—one of the biggest in crypto history.
As Binance navigates its U.S. legal challenges, it's also facing heat in Canada, where it exited the market in 2023, triggering a class-action lawsuit north of the border.
Stay tuned. The outcome of this case could set a major precedent for how crypto platforms enforce their terms and handle user disputes