Binance and its founder Changpeng Zhao have pushed back against arguments surrounding an “investment contract” in the SEC’s lawsuit against it. Binance said in Tuesday’s filing that the SEC’s charges focus on transactions by customers who clicked on the site, purchased tokens from other anonymous token owners and then logged out. In all the disputed transactions, there was no contract with the promoters to invest funds in a common commercial enterprise. Binance believes that the SEC ignored the requirement that the existence of an “investment contract” must be determined on a per-transaction basis. The entities operating BAM Trading and BAM Management said in a separate filing that the SEC did not sufficiently allege that digital asset transactions on the BAM platform constituted investment contracts. (TheBlock)