PANews reported on May 20 that according to Cointelegraph, the crypto exchange Binance filed a request with a U.S. federal judge to transfer all members of a class action lawsuit to arbitration. The lawsuit accuses Binance of selling unregistered securities. Binance argued that users had waived their rights to class actions when they agreed to its terms of service and promised to resolve disputes through arbitration. Documents submitted to the New York Federal Court on May 16 showed that Binance stated that its terms of service contained arbitration clauses and class action exemption clauses that apply to users registered after February 20, 2019. Previously, Judge Andrew Carter partially dismissed Binance's arbitration request involving users who purchased tokens between April 2017 and February 2019.

In March 2022, the judge dismissed the case, but in March 2024, the U.S. Second Circuit Court of Appeals overturned the ruling, and the Supreme Court also refused to hear Binance's appeal. In November 2023, Binance reached a settlement with the U.S. Securities and Exchange Commission (SEC) for US$4.3 billion on similar charges. In April 2024, Binance also faced a class action lawsuit in Canada involving securities violations before it withdrew from the country's market.