{"id":14820,"date":"2024-06-29T10:56:08","date_gmt":"2024-06-29T07:56:08","guid":{"rendered":"https:\/\/forklog.com\/en\/court-allows-most-sec-claims-against-binance-to-proceed\/"},"modified":"2024-06-29T10:56:08","modified_gmt":"2024-06-29T07:56:08","slug":"court-allows-most-sec-claims-against-binance-to-proceed","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/court-allows-most-sec-claims-against-binance-to-proceed\/","title":{"rendered":"Court Allows Most SEC Claims Against Binance to Proceed"},"content":{"rendered":"<p>Judge Amy Berman Jackson of the District Court for the District of Columbia has partially <a href=\"https:\/\/www.courtlistener.com\/docket\/67474542\/248\/securities-and-exchange-commission-v-binance-holdings-limited\/\">dismissed<\/a> the U.S. Securities and Exchange Commission&#8217;s (SEC) lawsuit against Binance, though most allegations will be considered.<\/p>\n<p>She granted the exchange&#8217;s motion to dismiss the regulator&#8217;s claims regarding secondary sales of the BNB token, the offering of the BUSD stablecoin, and the Simple Earn product.<\/p>\n<p>The SEC&#8217;s allegations concerning the ICO and subsequent sales of BNB by the platform, the BNB Vault program, failure to register, and non-compliance with anti-fraud rules will continue to be examined. The same applies to the staking service on Binance.US.<\/p>\n<p>Charges against former Binance head Changpeng Zhao, alleging that he, as a controlling person, violated the Exchange Act, remain in the case.<\/p>\n<p>The Commission filed the lawsuit against the defendants in June 2023, presenting a total of 13 claims.<\/p>\n<p>In her decision regarding secondary sales of BNB, Jackson referenced Judge Analisa Torres&#8217;s 2023 ruling in the SEC case against Ripple Labs.<\/p>\n<p>FOX Business reporter Eleanor Terrett suggested that this could help lawyers for Coinbase, Kraken, and ConsenSys strengthen their positions in disputes with the regulator.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">You can fully expect <a href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@coinbase<\/a>, <a href=\"https:\/\/twitter.com\/krakenfx?ref_src=twsrc%5Etfw\">@krakenfx<\/a> and <a href=\"https:\/\/twitter.com\/Consensys?ref_src=twsrc%5Etfw\">@Consensys<\/a> lawyers to use this opinion to bolster their positions in their own litigations.<\/p>\n<p>And the <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\">@SECGov<\/a> lawyers can no longer argue that the <a href=\"https:\/\/twitter.com\/Ripple?ref_src=twsrc%5Etfw\">@Ripple<\/a> ruling was merely an outlier that no other judges agree with. <a href=\"https:\/\/t.co\/xC4VOtJvOX\">https:\/\/t.co\/xC4VOtJvOX<\/a><\/p>\n<p>\u2014 Eleanor Terrett (@EleanorTerrett) <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/1806902007011119157?ref_src=twsrc%5Etfw\">June 29, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In her view, SEC representatives can no longer claim that Torres&#8217;s decision was an exception unsupported by any other judge.<\/p>\n<p>In November 2023, Binance settled claims with the U.S. Department of Justice regarding sanctions violations and money laundering, agreeing to pay $4.3 billion. The fine for Zhao personally amounted to $50 million.<\/p>\n<p>At the time of writing, the exchange&#8217;s founder is serving a four-month prison sentence following an <a href=\"https:\/\/u1f987.com\/en\/news\/binance-founder-changpeng-zhao-sentenced-to-four-months-in-prison\">April verdict<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Judge Amy Berman Jackson of the District Court for the District of Columbia has partially dismissed the U.S. Securities and Exchange Commission&#8217;s (SEC) lawsuit against Binance, though most allegations will be considered. She granted the exchange&#8217;s motion to dismiss the regulator&#8217;s claims regarding secondary sales of the BNB token, the offering of the BUSD stablecoin, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,1162,128],"class_list":["post-14820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-court-cases","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14820"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14819"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}