Binance and CZ Make Counter Moves Against SEC’s Court Submission
Binance and CEO Zhao counter SEC's court move, challenging the application of U.S. laws on global crypto transactions.
Binance Holdings Limited (BHL) and its CEO, Changpeng Zhao, are making a counter-move against the U.S. Securities and Exchange Commission's (SEC) latest court submission. BHL criticized the SEC’s submission claiming that they are introducing unnecessary arguments.
BHL explained that the SEC inappropriately brings new information into the case. This is not suitable at this stage of the litigation, they argued
BHL also challenges how the SEC uses past legal cases regarding the classification of cryptocurrencies. They debate that these cases are not relevant to the current situation.
A major issue in the case is the global nature of crypto operations. BHL argues that the SEC is wrong for applying U.S. securities laws on international transactions since the transaction did not take place in the United States. They believe the SEC is overreaching its regulatory authority.
