Binance Holdings and Former CEO React to SEC's Attempt to Include Guilty Plea in Ongoing Legal Case

Binance Holdings and its former CEO, Changpeng Zhao, have responded to the United States Securities and Exchange Commission's (SEC) move to use Binance's admission of guilt in the Department of Justice (DOJ) case in its own legal proceedings. Binance argued that the SEC's attempt to include the $4.3 billion guilty plea and settlement agreement with the DOJ in the ongoing case is procedurally incorrect and should not be allowed. The SEC contended that the federal court overseeing its case against Binance should consider the statements and acknowledgments made by Binance and Zhao in the settlement with the DOJ. Binance countered that the SEC did not show how the DOJ settlements were relevant to its claims against Binance and Zhao. Binance argued that the SEC's notice does not support its claims in the June 2023 lawsuit and should be disregarded. The company also said that presenting a judicial notice is not a substitute for amending a complaint and questioned the SEC's understanding of regulatory authority. Read more AI-generated news on: https://app.chaingpt.org/news