US Court of Appeals Reverses Lower Court’s Ruling in Favor of | Droppers of btc

US Court of Appeals Reverses Lower Court’s Ruling in Favor of Binance

Reviving Hope for U.S. Binance Users Seeking Justice

In a significant turn of events, the US Court of Appeals has breathed new life into the legal battle between American users and Binance. The higher court's decision gives hope to those who feel they were wronged by the popular cryptocurrency exchange.

Section 29(b) and the Battle for Jurisdiction

The crux of the matter lies in whether the claims made by these users fall under the purview of US securities law or if they can be dismissed as an "impermissible extraterritorial application." Section 29(b) of the Securities and Exchange Act of 1934 takes center stage, as both sides vie for jurisdiction.

Empty Promises and a Bag Left to Hold

For those who invested in tokens like EOS, TRX, ELF, FUN, ICX, OMG, and QSP, their dreams turned sour when these digital assets plummeted. They argue that Binance's actions violated federal and securities laws, leaving them with nothing but shattered expectations.

From Dismissal to Resurgence: A Legal Rollercoaster

The initial setback came when a US District Court dismissed their case, citing untimeliness. But undeterred, the plaintiffs took their fight to the Court of Appeals, seeking justice for what they believe are domestic transactions that should be governed by US laws.

A Connection Found: Domestic Transactions Matter

The higher court agreed with the users' argument that these transactions were indeed domestic in nature. By establishing that parties became bound within US borders, it paves the way for potential accountability under domestic securities laws.

Timing is Everything: Claims Within the Legal Bounds

Moreover, the Court of Appeals deemed the users' claims timely, debunking the lower court's ruling. It's a reminder that justice can't be bound by arbitrary timelines when it comes to protecting investors' rights.