🌋 Binance Continues Its Legal Battle with the SEC
posted 5 Nov 2024
Binance’s legal counsel has submitted a fresh motion to the court, requesting the dismissal of the SEC’s updated complaint against the exchange.
The defense claims that the SEC is misinterpreting the definition of “securities” in the context of cryptocurrencies and insists that the SEC’s stance contradicts prior court rulings, which have found that not all crypto assets are securities.
The SEC recently broadened its list of assets it considers unregistered securities, adding the Axie Infinity Shard (AXS) token, which is available on Binance.
Excerpt from Binance’s Motion
The defense claims that the resale of crypto assets on secondary markets after their initial issuance does not qualify as a sale of securities. Lawyers point out that many of these transactions are “blind,” where buyers do not always know the seller’s identity. This argument was previously successful in the Ripple vs SEC case.
Binance contends that the SEC is overreaching in its interpretation of securities laws, a stance that could negatively impact transparency within the crypto industry.
Exchange representatives assert that Binance is fully compliant with existing regulations, and they describe the SEC’s charges as both unjustified and prejudiced.
Further reading: Six Steps to the Gallows: Binance Faces Potential Consequences
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