How an Appeals Court Ruled on an Aspiring Class-Action Lawsuit Against Binance

A federal appeals court ruled last week that Binance needs to face a putative class-action lawsuit from a group of U.S.-based crypto investors who allege the exchange allowed them to buy and trade unregistered securities in the form of certain cryptocurrencies. The ruling doesn't make a determination on whether the tokens are indeed securities or not, but it's significant in broader securities cases nonetheless.