Davis Polk & Wardwell partner James Rouhandeh, representing Binance in the U.S. Court of Appeals for the Second Circuit on Wednesday, argued that the cryptocurrency exchange transactions at issue in the suit are not covered by U.S. securities laws.

Rouhandeh urged the three-judge panel to uphold U.S. District Judge Andrew Carter of the Southern District of New York’s ruling granting Binance’s motion to dismiss, in which Carter found that the plaintiffs failed to meet the standard set forth in the 2010 U.S. Supreme Court ruling Morrison v. National Australia Bank. Carter noted that the company is headquartered in Malta.

Jim Rouhandeh of Davis Polk Photo: Carmen Natale/ALM