Binance to engage in legal battle with US securities regulator

0
48

Binance is set to face the U.S. Securities and Exchange Commission in a Washington courtroom next week. The world’s largest crypto exchange is seeking to dismiss a lawsuit filed by the SEC in June, with a hearing scheduled for Monday before Judge Amy Berman Jackson. The SEC has accused Binance of various infractions, including artificially inflating trading volumes, diverting customer funds, and facilitating trading of tokens deemed securities. The hearing was rescheduled for Monday due to inclement weather in the Washington DC area. This case, along with the SEC’s case against Coinbase, is expected to clarify the SEC’s authority over the cryptocurrency sector. Binance has argued that the SEC does not have the authority to oversee crypto assets, and has already settled with the U.S. Department of Justice and Commodity Futures Trading Commission for $4.3 billion. The SEC’s case continues to loom over the company, and is part of a wider trend of the regulator targeting crypto firms. The SEC has shifted its focus from companies selling digital tokens to firms offering trading platforms and acting as broker-dealers. Crypto companies maintain that most tokens do not meet the SEC’s definition of a security and advocate for legislative regulation of the industry.

LEAVE A REPLY

Please enter your comment!
Please enter your name here