{"id":40803,"date":"2024-11-05T13:10:18","date_gmt":"2024-11-05T13:10:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-wants-secs-amended-complaint-targeting-more-tokens-dismissed\/"},"modified":"2024-11-05T13:10:18","modified_gmt":"2024-11-05T13:10:18","slug":"binance-wants-secs-amended-complaint-targeting-more-tokens-dismissed","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-wants-secs-amended-complaint-targeting-more-tokens-dismissed\/","title":{"rendered":"Binance wants SEC\u2019s amended complaint targeting more tokens dismissed"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/11\/Binance-wants-SECs-amended-complaint-targeting-more-tokens-dismissed-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/11\/Binance-wants-SECs-amended-complaint-targeting-more-tokens-dismissed-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/11\/Binance-wants-SECs-amended-complaint-targeting-more-tokens-dismissed-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/11\/Binance-wants-SECs-amended-complaint-targeting-more-tokens-dismissed-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Binance seeks to dismiss the SEC\u2019s amended complaint that targets AXS, FIL, ATOM, SAND, MANA and BNB.<\/li>\n<li>The SEC alleges these tokens are securities, which Binance disputes as flawed.<\/li>\n<li>The legal battle could set crucial precedents for the regulation of cryptocurrencies.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\">Binance<\/a>, the world\u2019s largest cryptocurrency exchange, and its former CEO, Changpeng Zhao, have <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.dcd.256060\/gov.uscourts.dcd.256060.285.0_14.pdf\">filed<\/a> a motion to dismiss an amended complaint from the US Securities and Exchange Commission (SEC).<\/p>\n<p>This legal motion, submitted on November 4, aims to counter allegations surrounding the classification of certain cryptocurrencies as securities, particularly focusing on the secondary market resale of these digital assets.<\/p>\n<h2>The SEC\u2019s amended complaint<\/h2>\n<p>The <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.dcd.256060\/gov.uscourts.dcd.256060.273.2.pdf\">SEC\u2019s amended complaint<\/a>, filed in September, targets additional tokens, including Axie Infinity Shards (AXS), Filecoin (FIL), Cosmos\u2019 ATOM, The Sandbox\u2019s SAND, and Decentraland\u2019s MANA.<\/p>\n<p>The regulatory body has alleged that these tokens fall under securities laws, a claim that Binance vehemently disputes.<\/p>\n<p>However, in the amended complaint, the SEC clarified that its claims do not pertain to Binance\u2019s initial coin offering (ICO) of its BNB token, where buyers were aware they were purchasing directly from Binance Holdings.<\/p>\n<p>Instead, the SEC alleges that BNB was sold in \u201cblind transactions,\u201d where buyers lacked full knowledge of the asset\u2019s source, a scenario described as common in the crypto industry due to the complexities of smart contracts and crypto wallets.<\/p>\n<h2>Binance argue SEC assertions are wrong<\/h2>\n<p>In their motion, Binance\u2019s legal team argues that the court previously ruled against the SEC\u2019s attempt to equate crypto assets with investment contracts, establishing that each transaction involving these assets must be assessed on an individual basis to determine compliance with securities regulations.<\/p>\n<p>Binance\u2019s lawyers assert that the SEC\u2019s arguments are flawed, claiming the agency\u2019s position amounts to a \u201cfailure as a matter of law.\u201d They contend that the SEC is attempting to misinterpret the court\u2019s ruling, which acknowledged that crypto assets themselves are not inherently securities.<\/p>\n<p>Instead, Binance argues that secondary market transactions\u2014those occurring long after the initial distribution by developers\u2014should not be classified as securities transactions.<\/p>\n<p>The SEC\u2019s broad assertion that nearly all crypto asset transactions involve securities is described by Binance\u2019s defence as overly simplistic and not aligned with legal precedent.<\/p>\n<p>The ongoing legal battle between Binance and the SEC represents a critical moment in a year-long dispute that began with the SEC\u2019s lawsuit in June 2023.<\/p>\n<p>The outcome could have significant implications not only for Binance but for the broader cryptocurrency market as regulators continue to scrutinize digital asset transactions and their classifications under US law.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/binance-wants-secs-amended-complaint-targeting-more-tokens-dismissed\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Binance seeks to dismiss the SEC\u2019s amended complaint that targets AXS, FIL, ATOM, SAND, MANA and BNB. The SEC alleges these tokens are securities, which Binance disputes as flawed. The legal battle could set crucial precedents for the regulation of cryptocurrencies. [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":40804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40803"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=40803"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/40804"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=40803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=40803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=40803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}