HomeBinanceJudge rules in favor of SEC in majority of case against Binance,...

Judge rules in favor of SEC in majority of case against Binance, dismisses secondary sales charge

-


Federal Judge Upholds Most SEC Complaints Against Binance: Founder Changpeng Zhao May Be Personally Liable

Federal Judge Upholds Most SEC Charges Against Binance, Founder May Be Personally Liable

In a blow to Binance, a federal judge has upheld most of the charges levied against the cryptocurrency exchange by the Securities and Exchange Commission (SEC). The ruling found that Binance may have offered unregistered investment products and violated anti-fraud provisions, with the company’s founder and former CEO Changpeng Zhao potentially facing personal liability for the violations.

While the judge dismissed certain claims related to some of the charges, such as Binance’s initial sales of BUSD, the overall ruling is seen as damaging to Binance’s prospects in the SEC case. However, legal experts in the crypto industry have celebrated the dismissal of the secondary sales charge, calling it a win for the greater crypto industry.

Judge Amy Berman Jackson’s ruling emphasized the need for a case-by-case approach when determining whether crypto assets constitute investment contracts. The ruling also criticized the SEC for appearing to argue both sides of the question regarding the designation of crypto assets as securities.

Overall, the ruling highlights the complexity of regulating the crypto industry and the importance of considering the specific circumstances of each case. Binance and its founder now face a challenging legal battle as they navigate the SEC’s allegations.

As the case unfolds, the crypto industry will be closely watching to see how it may impact the broader regulatory landscape for cryptocurrency exchanges and investors.

LATEST POSTS

Advancing Federal Regulation of Blockchain and Cryptocurrency: A Focus on Sullivan & Worcester’s Initiatives

Key Points of FIT21 Legislation and Potential Impact The U.S. House of Representatives made history on May 22, 2024, by passing H.R. 4763, also known...

Is this a signal of Bitcoin hitting bottom? German government depletes BTC supply

German Government Running Out of Bitcoin to Sell, Potential Reaccumulation Phase Beginning The German government is nearly done selling Bitcoin, with only 3,856 BTC left...

Could a Trump presidency improve the sentiment problem in the crypto industry?

The Trump Trade: How a Potential Trump Presidency Could Impact Crypto Markets The race for the presidency is heating up, and it seems that former...

Justin Sun, Tron Founder, Invests $5 Million in ETH

Tron Founder Justin Sun Invests $5 Million in Ethereum (ETH) Tron Founder Justin Sun Invests $5 Million in Ethereum Amid Spot ETF FOMO Justin Sun, the...

Most Popular