#Binance
#SEC
#LegalDispute
#SecuritiesViolations
#ChangpengZhao
#DOJSettlement
#FinCEN
#CryptoRegulation
In a recent development in the ongoing legal tug-of-war between Binance Holdings and the U.S. Securities and Exchange Commission (SEC), Binance has made a new submission to the U.S. District Court for the District of Columbia. The global crypto exchange, along with its ex-CEO Changpeng Zhao (popularly known as CZ), has openly questioned the SEC’s credence on its previous settlement with the U.S. Department of Justice (DOJ) and Financial Crimes Enforcement Network (FinCEN). Binance emphasizes that the reliance of the SEC on the aforesaid settlement has no validity and displays incorrect procedures in the ongoing case.
The legal wrangle involving Binance began on June 5, 2023, when the SEC filed law violation charges against the exchange on 13 counts. It accused Binance and CZ for controlling customer assets on Binance.US, unlawful commingling or diversion of funds, and giving wrong representation of trading controls on the Binance.US portal. The SEC further alleges that Binance facilitated unregistered exchanges, broker-dealers, and clearing agencies. Undeterred by these charges, Binance has defended itself by arguing that the SEC’s use of DOJ’s settlement outcomes of $4.3 billion is procedurally incorrect and irrelevant, stating that the SEC failed in establishing the relevance of DOJ’s settlement in its claims.
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