SEC Dismisses Binance Defense in Ongoing Lawsuit
SEC dismisses Binance's defense, pressing on with the lawsuit over crypto rule violations.
The SEC won't drop its case against Binance, saying Binance's legal arguments don't hold up.
The SEC has pushed back against Binance's attempt to end the lawsuit, as reported by Cointelegraph. The SEC says Binance's defense uses flawed legal logic.
On November 7, the SEC criticized Binance's request to dismiss the lawsuit. The SEC says Binance is twisting the law in ways that no court agrees with.
The SEC sued Binance and its founder, Changpeng Zhao, in June, claiming they sold investments without proper registration in the U.S.
Binance hit back, saying the SEC is overreaching and confusing the rules about cryptocurrencies. But the SEC insists Binance knowingly ignored the laws, calling Binance's comparison of crypto to ordinary items like oranges "ridiculous".
The SEC also says that Binance's initial crypto offering and certain programs definitely broke investment rules. Lastly, the SEC says Binance's argument about a recent Supreme Court decision doesn't apply here and would ruin long standing legal practices if accepted.
