The judge ruled that 10 out of the 13 charges will move forward without any restrictions, two charges will move forward with some limitations, and one charge has been completely dismissed.
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The legal battle between the U.S. Securities and Exchange Commission (SEC) and Binance, along with its co-founder Changpeng Zhao (CZ), is moving forward following a recent ruling on Friday. A judge in the U.S. District Court for the District of Columbia has approved 10 out of the 13 counts in the SEC’s lawsuit, signaling a significant development in the case.
According to Bloomberg, Judge Amy Berman Jackson has given the green light for the lawsuit to proceed with 10 counts in full, while two counts will move forward partially.
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Last year, the SEC took legal action against Binance and CZ following the exchange’s agreement with various regulatory bodies, such as FinCEN and the DOJ, which led to a record-breaking fine of $4.3 billion. The SEC utilized the unsealed plea deals of Binance and CZ to support their allegations.
The allegations made by the SEC against Binance and CZ pertain to mishandling customer funds, deceiving investors and regulators, and breaching securities laws. Despite this, Binance and CZ have been working towards having the claims thrown out.
Dismissal count
The lawsuit involving the sale of stablecoin Binance USD (BUSD) saw a judge dismiss a particular count. Last year, the now-defunct BUSD faced regulatory scrutiny, leading to Paxos, Binance’s BUSD issuing partner, halting BUSD minting in February due to actions from the New York Department of Financial Services (NYDFS). Binance later revealed plans to phase out BUSD support by December 2023.
Among the dismissed claims was one related to the secondary sale of BNB, Binance’s native token, by entities other than Binance. BNB boasts a market capitalization exceeding $84 billion, with more than 147 million tokens in circulation, as per data from CryptoSlate.
Additionally, part of the lawsuit’s claim concerning Binance’s Simple Earn program, which enables users to earn interest through token lending, was also dismissed by the judge. The legal actions taken by the SEC against Binance and Consensys underscore the ongoing efforts to define cryptocurrencies as securities within the SEC’s regulatory purview, drawing mixed reactions from industry stakeholders and lawmakers.
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