The US Supreme Court on Monday rejected an appeal by Binance and its former chief executive Changpeng Zhao after the Second Circuit ruled that US securities laws apply to the cryptocurrency exchange even if it has no physical headquarters. Binance and its founder Changpeng Zhao have been facing legal battles since 2023. The Securities Exchange Commission (SEC) accused the trading platform of illegally providing services to U.S. citizens. At the end of 2023, Binance paid $4.30 billion in fines and forfeiture and pleaded guilty to multiple felony charges. Binance is widely considered the world's largest cryptocurrency exchange based on trading volume. At the heart of the case is a dispute over whether Binance is subject to US securities laws for providing services to US clients, even though it does not have a formal office or headquarters in the US. Binance had asked the Supreme Court to review the Second Circuit ruling that the trading platform must comply with US law as long as US investors buy tokens through Binance and the transactions take place on US servers, even if Binance does not have an office in the US.