The Florida Third Appeal Court has reinstated a state-level lawsuit against Binance, granting a plaintiff’s claim of $80 million in stolen Bitcoin (1000 BTC). The court overturned the trial court’s decision to dismiss the case due to insufficient personal jurisdiction over Binance. According to Bloomberg, the court found that California law could plausibly apply and dismissed the argument that Binance should automatically be excluded from jurisdiction simply because it is an offshore exchange. 2 years ago, Michael Osterer filed a class-action lawsuit on behalf of others whose assets were stolen and allegedly laundered through Binance. A related federal money laundering case was recently moved to Florida’s Southern District, but this ruling focuses on Osterer’s own claims under state law. This decision opens the door for the plaintiff to argue that despite Binance Holdings Inc.’s headquarters being in another state, it has sufficient ties to Florida to allow for a hearing in Florida courts. The lower court had dismissed the case because it lacked personal jurisdiction. However, the appeal court argued that California law could plausibly apply and that Binance cannot be automatically excluded from jurisdiction just because it is an offshore exchange. The case puts the company at risk of facing multiple more lawsuits over alleged failures to secure or freeze stolen assets after its recent conviction in a US money laundering case. This decision comes as a fresh wave of legal action against Binance, alleging negligence and failure to implement security protocols. In particular, new cases accuse the company of aiding terrorist organizations like Hamas and Hezbollah in transferring funds via their platforms. One such lawsuit points to over $1 billion being transferred to and from accounts connected to organizations designated by the US government as foreign terrorist groups. This case is a significant development for crypto-theft victims seeking recourse against cryptocurrency exchanges. Binance was convicted of failing to implement adequate anti-money laundering measures, and as part of the settlement agreement, they were ordered to pay $4 billion in penalties. The company has pledged to improve its compliance programs. However, lawsuits continue to allege that Binance maintained a policy of only screening funds for suspicious activity when customers attempted to transfer money off the platform. Recently revealed investigative reports by ICIJ show Binance facilitated at least $408 million worth of crypto from Huione Group, a Cambodian financial firm used by Chinese crime gangs to launder proceeds from human trafficking and scam operations. The case will now return to trial court for further proceedings. The plaintiff’s legal team aims to use this ruling as precedent in future claims against other exchanges, while Binance is expected to appeal the decision or pursue arbitration. This case has significant implications for the crypto industry, potentially setting a precedent for victims of theft and prompting closer scrutiny on platform security.