Binance Requests Dismissal of SEC Lawsuit
Binance has asked the US Securities and Exchange Commission (SEC) to dismiss the lawsuit filed against it, arguing that the SEC failed to meet the requirements of the “Howey Test.” The exchange, along with Binance.US and former CEO Changpeng Zhao, claimed that the SEC did not provide evidence of contracts with US customers that could be considered investment contracts under the Howey Test. In June, the SEC accused Binance of facilitating the trading of unregistered securities and offering staking services. This is Binance’s latest attempt to have the case dismissed, following a previous dismissal request filed in September.
Binance Rejects SEC’s Attempt to Add DoJ Settlement
Binance also rejected the SEC’s attempt to add recent admissions of guilt by Binance and Zhao regarding a $4.3 billion settlement with the Department of Justice to the case. The exchange argued that the plea agreements did not provide fair notice of the SEC’s theory that the crypto assets in question were securities under the Securities Act or the Exchange Act.
Hot Take: Binance Fights Back Against SEC Lawsuit
Binance is pushing back against the SEC lawsuit, requesting its dismissal on the grounds that the SEC failed to meet the requirements of the Howey Test and did not provide evidence of contracts with US customers. This is the latest move in Binance’s ongoing legal battle with the SEC, which accused the exchange of facilitating the trading of unregistered securities. Binance is also rejecting the SEC’s attempt to add recent admissions of guilt in connection with a $4.3 billion settlement with the Department of Justice to the case. The outcome of this lawsuit will significantly impact Binance’s future operations and the overall regulatory landscape for cryptocurrencies in the US.
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