As an experienced financial analyst, I’ve closely followed the ongoing legal battles between the SEC and Binance.US with great interest. Having witnessed similar situations unfold in the crypto space, I can’t help but empathize with Binance.US as they express their readiness to face the SEC in court.
Binance.US, the American branch of the renowned cryptocurrency exchange Binance, has publicly expressed its readiness to engage in the legal battle with the Securities and Exchange Commission (SEC) regarding their ongoing lawsuit. In a recent blog post, Binance.US announced that it is “eagerly anticipating” the next stage of the case, which involves more discovery proceedings.
Significantly, during the comprehensive 11-month investigation led by the SEC, Binance.US has not been implicated in any misconduct based on the evidence uncovered so far.
Federal Judge Ruling on SEC vs Binance.US
Last week, Judge Amy Berman Jackson made a significant decision in the ongoing SEC lawsuit against Binance.US. She dismissed certain allegations, including the SEC’s claim that Binance’s native token, BNB, is illegally traded on secondary markets. Additionally, she dropped the charges related to all sales involving the Binance USD stablecoin and the SEC’s accusations concerning Binance’s “Simple Earn” passive income feature.
The ongoing charges primarily involve allegations concerning Binance’s staking program, BNB token sales post-initial coin offering (ICO), and anti-fraud issues. Moreover, Changpeng “CZ” Zhao, as a key figure, faces additional charges. The main accusations that were allowed to stand focus on the sale of unregistered securities and infringement of anti-fraud regulations.
Binance.US’ X post is in response to this decision from Judge Jackson.
On Friday, the court chose to keep the SEC’s legal action against X Corporation ongoing. We had anticipated this development and are eager to advance through the judicial proceedings with this case, which was founded specifically to serve the interests of United.
— Binance.US 🇺🇸 (@BinanceUS) July 1, 2024
The interaction showcased the exchange’s consistent dedication and the restricted assistance from the SEC in adhering to regulations. It also expressed regret over the exchange being subjected to the SEC’s regulatory enforcement methodology.
The SEC Suit against Binance and CZ
In June 2023, the SEC brought charges against Binance and its CEO Changpeng Zhao, much like they did with FTX under similar allegations. The SEC accused Binance of selling unregistered investments and commingling company and customer assets, as well as misusing customer funds and potential market manipulation of native tokens.
Following this development, the regulatory body demanded that Binance and Binance.US provide accurate financial records without further delay. Additionally, they requested that Binance’s assets be seized and transferred back to the United States. The SEC ordered document preservation for Binance.US and sought the appointment of a trustee to manage Binance’s assets. At the time, Binance denied any wrongdoing and accused the regulator of seeking publicity through the allegations.
Beyond the SEC’s scrutiny, Binance encountered regulatory issues with the US Department of Justice (DOJ). This matter involved accusations of money laundering, bank fraud, and breaches of US sanctions laws against the platform, resulting in a demanded settlement of $4.3 billion from the DOJ.
Additionally, CZ admitted to the accusations against him and relinquished his role as the exchange’s CEO. At present, he is incarcerated for a duration of four months.
Read More
- FLOKI PREDICTION. FLOKI cryptocurrency
- DEXE PREDICTION. DEXE cryptocurrency
- From Season 4 Renewed With Release Date Window & Episode Count
- Why Is Randy Moss Wearing Glasses? Health Update
- SEI PREDICTION. SEI cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- RAY PREDICTION. RAY cryptocurrency
2024-07-02 11:48