A U.S. appeals court has partially overturned its dismissal of a class-action lawsuit filed against Binance.US, which accused the exchange of illegally manipulating the price of HEX tokens. A three-judge panel of the Ninth Circuit Court of Appeals overturned the district court's earlier dismissal of the class-action lawsuit, saying plaintiff Ryan Cox's claims against Binance.US and CoinMarketCap were justified.
Cox first filed the class-action lawsuit in 2021, alleging that Binance Capital Management and Binance.US artificially limited HEX's ranking on Binance's cryptocurrency price tracking platform CoinMarketCap. Cox claimed that this caused HEX to trade at a lower price and rank higher than Binance's own cryptocurrencies.
In February 2023, a district court judge first dismissed the lawsuit, finding that Cox failed to establish any specific connection between specific activities in Arizona and Binance.US that could link Binance.US to the manipulation of HEX. (Cointelegraph)