Eight alleged crypto theft victims can pursue proposed class actions against Binance Holdings, BAM Trading Services, which operates Binance.US, and founder Changpeng Zhao in US federal court after the Eleventh Circuit issued a writ of mandamus on Aug. 19. The panel ordered a Southern District of Florida court to vacate an arbitration ruling, finding that the plaintiffs never opened Binance accounts or accepted its Terms of Use and therefore could not be compelled to arbitrate under those terms. The plaintiffs allege that criminals moved stolen funds through Binance and assert claims involving the RICO Act, conversion, California and Massachusetts consumer protection laws, an unlicensed money transfer business and the Bank Secrecy Act. The decision is procedural and does not establish that Binance is liable, laundered funds, violated RICO or caused the plaintiffs' losses. Binance pleaded guilty in November 2023 to Bank Secrecy Act violations and operating an unlicensed money transmitting business, agreeing to a $4.3 billion resolution; prosecutors said it had not filed a single suspicious activity report with FinCEN. Zhao admitted failing to maintain an anti-money laundering program and served four months in prison in 2024. The case returns to federal court, where the plaintiffs must still prove their allegations and face possible challenges over dismissal, class certification and the merits.