Techub News reported that according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) submitted a proposed revised complaint against Binance on Thursday, focusing on Binance's token listing process. The SEC focused on two issues in its proposed filing, BNB secondary sales and Binance Simple Earn, accusing Binance of acting as an unregistered securities provider.
The SEC filing highlights the SEC’s allegations that BNB was a token issued and sold as a security. According to the filing, “BNB was offered and sold as an exchange token, which was promoted to investors with the potential returns that could be generated by the demand and price of BNB resulting from the growth of the platform.”
The SEC alleges that Binance’s BNB destruction and its support for projects using BNB were also intended to help the token increase in value. The SEC alleges that Binance paid BNB fees to U.S. employees, including executives at BAM Trading (Binance.US). The filing also involves similar additional details on Binance Simple Earn and 10 digital assets (SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI), which were allegedly sold as unregistered securities on the Binance platform.
