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Binance, the world’s leading crypto exchange, recently took the world of digital assets by storm as its legal eagles revealed plans to seek dismissal of a fraud suit filed by the SEC. The crypto exchange is reportedly heading to a Washington courtroom on Friday, eyeing the lawsuit dismissal, marking a monumental move against the U.S. SEC, a financial regulatory body.
This legal chronicle appears to have stirred a whirlpool of speculations among crypto market enthusiasts globally, as traders and investors appear to be building inferences orbiting Binance’s functionality. Meanwhile, the suit filed against Binance zeroes in on the firm, its current CEO, and founder Changpeng Zhao.
A Closer Look Into The Lawsuit
The world’s leading cryptocurrency exchange was first accused of fraudulent activities in June previous year, leading to the lawsuit. The SEC tossed the lawsuit against Binance, mirroring the fraud, alleging that the exchange artificially manipulated and inflated trading volumes on its platform, diverted customer funds and misled investors about its market surveillance controls. Moreover, the SEC also accused the exchange of facilitating the trade of numerous crypto tokens that the regulatory body deemed securities, all leading to the fraud suit.
Whereas, BAM Trading, the operator of Binance.US, stated in court filings that the SEC’s case did not orbit around Binance committing fraud, opposing the SEC’s stance. Following this, the crypto exchange itself noted that the SEC had no authority to supervise crypto assets, aligning with Coinbase’s argument ruled out in a similar hearing on Wednesday.
Coinbase eyed the dismissal of a lawsuit orbiting its functioning as an unregistered securities exchange, aligning somewhat parallel to Binance’s legal chronicle.
Also Read: BlackRock Expects No Fed Rate Cuts Until June, Bitcoin Post-Halving Rally Could Delay
Binance’s Legal Saga
Binance appears to be catapulting toward legal tussles in recent times, as seen by the lawsuit against its founder, Changpeng Zhao, last year. The lawsuit against Zhao resulted in a $4.3 billion settlement with the U.S. Department of Justice and Commodity Futures Trading Commission, nabbing significant attention globally. Meanwhile, the fraud suit emerged as of June of the previous year, adding to Binance’s legal saga.
With the constant burgeoning of legal heat orbiting Binance, crypto market traders and investors extensively eye the firm’s legal hearings, hoping to see less scrutiny for the crypto exchange.
Also Read: Binance Lists ETC, ENS, TIA In FDUSD & USDC Spot Trading Pairs
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