The fight between Binance.US and the SEC in final stages
While former chairman Gary Gensler was in office, the SEC was much more aggressive in pursuing charges against the U.S. division of Binance. However, in the intervening months, the Commission has taken a much softer stance.
The two filed a joint motion to pause their battle in February and requested an extension over a month ago. Today, they requested a permanent end.
The SEC filed a lawsuit against Binance, Binance.US, and founder Changpeng Zhao on June 5, 2023, in the U.S. District Court for the District of Columbia. The complaint included 13 charges, alleging violations of federal securities laws.
The SEC claimed that Binance offered and sold unregistered securities, including BNB and BUSD tokens, investment products such as “Simple Earn,” “BNB Vault,” and a staking-as-a-service program. Additionally, the Commission claimed that Binance.US misled investors about its market surveillance and controls, citing instances of wash trading that artificially inflated trading volumes.
But now, under the current pro-crypto administration, the SEC is withdrawing these enforcement claims. However, this is not the only recent attempt by the Commission to end a legal battle from the Gensler era. The Commission reached similar agreements with Ripple to conclude its famous lawsuit, but procedural issues have frustrated the settlement.
$BTC
#ElonMuskDOGEDeparture
While former chairman Gary Gensler was in office, the SEC was much more aggressive in pursuing charges against the U.S. division of Binance. However, in the intervening months, the Commission has taken a much softer stance.
The two filed a joint motion to pause their battle in February and requested an extension over a month ago. Today, they requested a permanent end.
The SEC filed a lawsuit against Binance, Binance.US, and founder Changpeng Zhao on June 5, 2023, in the U.S. District Court for the District of Columbia. The complaint included 13 charges, alleging violations of federal securities laws.
The SEC claimed that Binance offered and sold unregistered securities, including BNB and BUSD tokens, investment products such as “Simple Earn,” “BNB Vault,” and a staking-as-a-service program. Additionally, the Commission claimed that Binance.US misled investors about its market surveillance and controls, citing instances of wash trading that artificially inflated trading volumes.
But now, under the current pro-crypto administration, the SEC is withdrawing these enforcement claims. However, this is not the only recent attempt by the Commission to end a legal battle from the Gensler era. The Commission reached similar agreements with Ripple to conclude its famous lawsuit, but procedural issues have frustrated the settlement.
$BTC
#ElonMuskDOGEDeparture