SEC files opposition to Binance motion to dismiss

For this reason, the document states not abiding by these rules was “a deliberate choice.”

Later, the document highlights that in the complaint “detailed allegations that [Binance CEO Changpeng] Zhao and Binance, knowing they were operating the Binance platform in violation of U.S. law, hatched a plan to give the appearance they were not operating in the United States, while surreptitiously profiting off of U.S. capital markets.”

The exchange’s behind-the-scenes operations also suggest Zhao and Binance were in control to the point that employees believed they were puppets. Stark shares that after reviewing this document, the pleading from SEC stating is powerful, compelling and strongly supported in fact and law.

The fight continues

In June 2023, the SEC sued Binance, Zhao and Binance.US for illegally listing unregistered securities in the form of cryptocurrencies for trading by American investors. The lawsuit has later evolved into a fight over who could access customer funds in the United States.

Binance’s rebuttal was that the regulator was overreaching by alleging violations of securities law. 

Follow Us on Google News