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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 08, 2023 13:31 UTC
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Binance Lawsuit Dismissal Request Rejected By SEC; What Next?
SEC has now rejected Binance's dismissal request for the ongoing lawsuit.
The SEC has pointed fingers at Binance, claiming they have not cooperated throughout the investigation.
The SEC is under intense scrutiny after several losses.
The U.S. Securities and Exchange Commission (SEC) is intensifying its legal action against cryptocurrency exchange Binance and its American counterpart, Binance.US.
The SEC alleges violations of security laws and fraudulent activities by both entities. The regulatory authority has moved to challenge the dismissal motions filed by Binance and CEO Changpeng “CZ” Zhao and stands firm in its pursuit of justice.
SEC Opposes Dismissal Motion
In this latest filing, the SEC opposes the dismissal motion, officially recorded on November 7. Meanwhile, the SEC, in its official submission, is urging Judge Amy Berman Jackson to support their cause. The SEC vehemently argues that Binance.US’s request to dismiss the lawsuit should be rejected.
The SEC’s case revolves around alleged violations of securities regulations, with claims of unregistered cryptocurrency securities. Now, the SEC asserts that these actions fall under the purview of existing securities laws, and its opposition is rooted in its commitment to safeguarding investor interests.
The SEC also takes issue with Binance.US’s lack of cooperation in adhering to the previous consent order, leading to disputes related to document discovery and deposition.
What to Expect From the Upcoming Hearing
The legal proceedings are far from over, as a pivotal hearing is scheduled for January 18, 2024, during which Judge Jackson will assess the motion to dismiss the SEC’s complaints against Binance, Binance.US, and CEO CZ.
This hearing is essential in determining the future course of action in this legal battle.
Crypto Market Reacts
The SEC’s recent challenges and losses in the Ripple lawsuit have had a noticeable impact on the regulatory body’s credibility. Several federal judges have criticized the SEC’s approach, deeming it “irrational” and “arbitrary and capricious.”
In the cryptocurrency markets, these legal developments have triggered notable market responses. The market is experiencing an upswing, primarily fueled by the anticipation of spot Bitcoin ETF approval.
This optimism is reflected in the performance of Binance’s native token, BNB, which has witnessed a remarkable surge of over 10% within a week and is presently trading at $246.
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