The U.S. Securities and Exchange Commission (SEC) is showing no signs of backing down from its ongoing battle against Binance, even as legal and political uncertainties loom large. Key developments include:
Amended Complaint Filed 📄: On October 16, the SEC filed a revised complaint against Binance, Binance.US, and founder Changpeng Zhao (CZ). The core issues remain accusations of unregistered securities sales, manipulative trading, and unlawful access by U.S. customers.
Expanded Legal Claims 🔎: The SEC’s new complaint addresses the “factual pleading deficiencies” from a previous June ruling. It also tackles defense arguments that had challenged several SEC claims, particularly around Binance's involvement in its BNB token sales and the Simple Earn program.
New Focus on Initial Exchange Offerings (IEO) 💼: The SEC is now targeting Binance’s Launchpad, where token-issuing projects use Binance’s platform to raise capital. This reinforces the SEC’s argument that investors expect profits based on Binance’s role in promoting tokens.
10 Other Tokens Under Scrutiny 🪙: Beyond BNB, the SEC retains its focus on 10 other tokens, including ADA, SOL, and MATIC, all of which were promoted by Binance.
BNB as a Security 📊: The SEC continues to push the argument that Binance’s promotion and use of BNB tokens resemble a security offering, especially given its use in employee compensation.
Ripple Labs Cross-Appeal 🔄: The SEC is also pushing back on a judge’s partial summary judgment in favor of Ripple Labs, targeting issues around the XRP token. Ripple’s legal team has filed its own appeal to ensure full legal clarity.
🔑 Key Takeaway: The SEC's relentless pursuit of Binance signals a broader regulatory push to redefine how crypto assets and exchanges operate within U.S. law, regardless of political or judicial obstacles. Stay tuned as this legal battle is far from over!
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