ChainCatcher news, according to Cointelegraph, the U.S. Court of Appeals partially overturned the dismissal of the class action lawsuit filed by Binance.US, which accused the exchange of illegally manipulating the price of HEX tokens. A panel of three judges from the Ninth Circuit Court of Appeals overturned the district court's previous decision to dismiss the class action lawsuit, saying that plaintiff Ryan Cox's claims against Binance.US and CoinMarketCap were reasonable.
Cox first filed a class action lawsuit in 2021, alleging that Binance Capital Management and Binance.US artificially limited HEX's ranking on CoinMarketCap, Binance's cryptocurrency price tracking platform. Cox claimed that this caused HEX to trade at a lower price and rank higher among 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.
In an opinion dated Aug. 12, the justices disagreed with the district court’s initial conclusion that Cox had to prove a “sufficient minimum connection” between Binance.US and Arizona, the state where Cox originally filed the lawsuit, for the court to establish personal jurisdiction.
Additionally, the appeals court found that Cox’s lawsuit made reasonable allegations of price manipulation against Binance.US and noted that they had been remanded for retrial.