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Williams v. Binance

United States Court of Appeals for the Second Circuit
96 F.4th 129 (2024)

Written by Nathan Benedict, JD

Facts

Chase Williams and others (plaintiffs) purchased crypto-assets on Binance (defendant), an international online exchange. Williams made the purchase from the United States. Although Binance was not registered in any country and claimed to have no physical location, the servers that processed the exchanges were located in the United States. Williams sued Binance, alleging that the assets were unregistered securities that Binance sold in violation of the Securities Act of 1933. Binance moved to dismiss, contending that under Morrison v. National Australia Bank, Ltd., American securities laws could not apply to extraterritorial activity. The district court granted Binance’s motion. Williams appealed.

Rule of Law

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Issue

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Holding and Reasoning (Nathan, J.)

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A "yes" or "no" answer to the question framed in the issue section;
A summary of the majority or plurality opinion, using the CREAC method; and
The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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