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Home » Crypto News » Judge Rules Majority of SEC Case Against Binance Can Proceed

Judge Rules Majority of SEC Case Against Binance Can Proceed

Author: Martin Young

Last Updated Jun 30, 2024 @ 06:13

The bulk of the the Securities and Exchange Commission case against crypto exchange Binance and its former CEO Changpeng Zhao can proceed ruled a judge in the United States.

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On June 28, Amy Berman Jackson, a judge at the US District Court for the District of Columbia, ruled that most of the SEC’s lawsuit against Binance and its co-founder could go ahead.

The SEC sued Binance and Zhao in June 2023 for mishandling customer funds, misleading investors and regulators, and violating securities regulations.

The company contested the claims and asked for the case to be dismissed in September with Binance lawyers stating at the time that the SEC was trying to “enlarge its jurisdiction globally to include transactions on foreign cryptocurrency platforms.”

Ten Counts Will Proceed

Judge Jackson ruled that out of 13 counts, 10 will proceed in full, two will partially proceed, and one will be dismissed, reported Bloomberg on June 29.

The dismissed count relates to sales of BUSD, the firm’s defunct stablecoin that was hit with regulatory action in February 2023 forcing issuer Paxos to stop minting them.

Part of a count concerning secondary sales of the exchange’s native BNB token by parties other than Binance was also dismissed.

Additionally, an allegation about Binance’s Simple Earn program, which enables users to earn interest on crypto assets, was dismissed, but the rest of that count proceeds.

This lawsuit is separate from the $4.3 billion penalty Binance faced in November 2023 for violations of anti-money laundering and sanctions laws.

The SEC and chair Gary Gensler still maintain that most crypto assets are securities but a series of lawsuits to enforce this stance have failed to settle the question or classification of digital tokens.

BNB didn’t react to the news and remained flat on the day, trading at $570 at the time of writing. Moreover, the asset has outperformed most altcoins in recent months, hitting an all-time high of $717 on June 6.

ConsenSys Fires Back

In related news, Ethereum software solutions provider ConsenSys hit back at the SEC on June 28 with a company statement which read:

“This is just the latest example of its regulatory overreach – a transparent attempt to redefine well-established legal standards and expand the SEC’s jurisdiction via lawsuit.”

Consensys fully expected the SEC to follow through on its threat to claim our MetaMask software interface must register as a securities broker. The SEC has been pursuing an anti-crypto agenda led by ad hoc enforcement action.

This is just the latest example of its regulatory…

— Consensys (@Consensys) June 28, 2024

In its latest salvo against the crypto industry this week, the SEC accused ConsenSys of selling unregistered securities through its MetaMask staking service.

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Tags: Binance Regulations SEC
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About The Author

Martin J. Young
More posts by this author

Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

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