Changpeng Zhao, the founder of Binance, has been making headlines following his release from prison. The founder managed to get a standing ovation during a conference in Dubai. But more recently, the exchange and CZ were in the news for making an effort to bring down the lawsuit filed by the Securities and Exchange Commission (SEC).
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Is Binance’s Legal Battles Finally Coming To An End?
Binance and CZ started the week by filing a motion to dismiss the SEC’s revised lawsuit from last month. According to their filing, the amended complaint fails to come to terms with the “logical conclusion of that ruling.” The ruling suggests that secondary market resales of the assets long after they were first distributed by their developers are not securities transactions. The filing read,
“Instead, the SEC’s Amended Complaint continues to insist that virtually all transactions involving crypto assets—including blind secondary market resales of tokens—are securities transactions because some buyers might hope the assets will increase in value.”
This wasn’t all. The exchange and its founder pointed out the SEC’s lack of clarity concerning regulations governing the cryptocurrency market. The filing said,
“The SEC still refuses to articulate any standard for courts, litigants, or market participants to know which crypto-asset transactions qualify as investment contracts, and which do not. And the SEC continues to choose winners and losers arbitrarily, recently abandoning with no explanation its claim that transactions involving Ether—the second most common crypto asset, after Bitcoin—are investment contracts.”
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How Is BNB Faring Amidst This Legal Whirlwind?
Binance’s native cryptocurrency, Binance Coin (BNB) witnessed a slight drop in its price today. This comes after a rough weekend during which the asset dipped from a high of $605 to a low of $545. At press time, BNB was trading at $558.77 after a seven-day drop of 7.74%.
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