Binance.US Wins Arbitration Ruling in Token Manipulation Lawsuit
A federal court in Arizona has ruled that an individual arbitration agreement in Binance.US's terms of service will force a token holder to resolve his manipulation claims against the exchange through private arbitration, rather than proceeding with class action claims.
Ryan Cox, who owns HEX tokens, had filed a lawsuit against Binance.US and another cryptocurrency website owned by Binance alleging that they suppressed the ranking of a token. The court's decision effectively strips Cox of his ability to represent a proposed class in the suit.
The court also found that Binance.US is free from antitrust-based claims related to the matter, according to Judge Susan M. Brnovich's ruling on Wednesday for the US District Court for the District of Arizona.