Due to today's weather conditions, Binance is expected to file a request for a postponement of the trial.
Today’s court hearing between Binance and the SEC has been postponed, according to a meeting minutes released on January 19.
The order declared the following:
"Officials have just announced that the court will be closed to in-person proceedings due to inclement weather. Therefore, today's motion hearing has been reset to Monday, January 22, 2024 at 10:00 AM."
Another report from Reuters indicated that Binance is expected to argue for the dismissal of the SEC’s case at an upcoming hearing.
According to a Reuters source, Binance is reluctant to reach an out-of-court settlement with the U.S. Securities and Exchange Commission (SEC) as it has with other U.S. agencies. The source said Binance may need to admit that some of the cryptocurrencies mentioned in the case are securities that need to settle with the SEC, which could affect the company's business model.
Binance also believes it has a strong case that the U.S. Securities and Exchange Commission (SEC) overstepped its authority and that the regulator has not proven fraud, another source said.
SEC filed charges in June 2023
The SEC initially filed charges against Binance and its former CEO Changpeng Zhao on June 5, 2023. At the time, the securities agency accused Binance of operating an unregistered exchange, broker-dealer, and clearing agency, and engaging in unregistered securities offers and sales.
It also accuses the company of being responsible for misrepresenting trading controls and oversight on its U.S. platform Binance.US.
Just one day after the accusation against Binance, the U.S. Securities and Exchange Commission (SEC) filed similar charges against another exchange, Coinbase. In Coinbase's latest hearing, a judge talked about the possibility of dismissing the case but declined to make a ruling. She told both sides to take it as a "compliment," suggesting that both sides' arguments made sense.
The U.S. Securities and Exchange Commission (SEC) also filed similar charges against Kraken in November, but that case has not yet progressed to the same extent as the other two cases.
