Tag: SEC

Binance and Changpeng Zhao ask court to dismiss SEC suit

Binance, the crypto exchange, and its CEO, Changpeng Zhao have filed a joint motion to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission (SEC). SEC exceeded its powers On Sep. 21, the U.S. District Court received a statement from Zhao and Binance Holdings, arguing that the SEC exceeded its authority. In a 60-page petition, lawyers accused the regulator of failing to provide clear instructions on regulating the industry, leading to the retroactive imposition its authority on the sector. “The SEC pursues these novel theories retroactively, seeking to…

Binance and CEO Chanpgeng Zhao asks court to dismiss SEC suit

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Binance CEO Changpeng “CZ” Zhao and his cryptocurrency exchange has filed a joint motion requesting the dismissal of the United States Securities and Exchange Commission (SEC) lawsuit against them.  According to a Sept. 21 filing to the United States District Court, both Binance Holdings and Zhao claimed that the financial regulatory had overstepped its authority in the lawsuit against them.  In the 60-page petition lawyers for Binance and Zhao accused the SEC of failing to introduce clear guidelines for the sector ahead of its lawsuit against the crypto exchange and as a result,…

Binance, U.S. Affiliate, Changpeng ‘CZ’ Zhao File to Dismiss SEC Lawsuit

“Indeed, since 2019, Congress has considered more than a dozen proposals that would provide a coherent and workable framework for crypto assets and their trading platforms,” the filing said. “Critically, none of those proposals would confer sole regulatory jurisdiction over the crypto industry to the SEC. Despite this, the SEC now seeks to expand its authority and filed this lawsuit, asserting claims against Binance Holdings Limited (‘BHL’) and Changpeng Zhao, among others.” Source

SEC Suffers Blow in Lawsuit Against Binance.US After Judge Denied Request To Probe Exchange’s Software: Report

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A US federal magistrate judge is reportedly choosing not to grant the U.S. Securities and Exchange Commission (SEC) permission to inspect the technological infrastructure of Binance’s American affiliate, a setback for the regulator. A new report from Bloomberg indicates the SEC asked Magistrate Judge Zia M. Faruqui on Monday for permission to search through Binance.US’s software, but Faruqui shot down the idea, saying he was not inclined to permit the inspection “at this time.” The judge told the regulator to come back with more specific requests, according to Bloomberg. The…

SEC Pursuits of Crypto Exchanges for Violating Laws

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The U.S. Securities and Exchange Commission (SEC) is showing no signs of slowing down in its efforts to enforce securities laws within the cryptocurrency space, according to David Hirsch, the head of the agency’s Crypto Assets and Cyber Unit. Speaking at the Securities Enforcement Forum Central in Chicago, Hirsch emphasized the SEC’s commitment to scrutinizing crypto exchanges and decentralized finance (DeFi) projects, following the recent legal actions against Coinbase Inc. and Binance. Hirsch’s enforcement office has been unusually active, and he made it clear that they are actively investigating other…

Philippines SEC teams up with US counterpart to combat crypto fraud

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The Philippines Securities and Exchange Commission (SEC) has teamed up with its United States counterpart, as well as the Asian Development Bank to crack down on criminals using cryptocurrencies to commit fraud and other financial crimes. According to a Sept. 15 press release, the three institutions conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop last month, in a bid to upskill their combined fraud and scam prevention toolkit when it came to crypto-related crimes. The Securities and Exchange Commission (SEC) Philippines collaborating with international organizations…

CZ post on X about Ceffu and Binance.US contradicts SEC claims, adds to confusion

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After a judge declined to give the United States Securities and Exchange Commission (SEC) unfettered access to Binance.US software at a hearing on Sept. 18, Binance CEO Changpeng Zhao (CZ) took to X (formerly Twitter) to make a statement about one point of contention with the SEC. “For the record. Binance US does not use, and have NEVER used Ceffu or Binance Custody. You can’t just make this stuff up.” CZ said in a Sept. 19 post. CZ’s statements did not make the record any clearer. For the record. Binance…

CZ Denies Binance.US Used Ceffu or Binance Custody as SEC Probe Continues

BAM “relies on wallet custody software developed by BHL to maintain the digital asset wallets that hold much of its customers’ assets,” said a Sept. 12 court filing by Binance.US, which is seeking to shake off SEC charges it operated an unregistered crypto exchange, adding that when the company later “learned that BHL was planning to market the software commercially under the name ‘Ceffu,’ it adopted the name as a shorthand reference to the software, including in correspondence with the SEC.” Source BinanceBinance.USCeffucontinuesCustodyDeniesProbeSEC CryptoX Portal

SEC Accuses Binance.US of Refusal to Cooperate with Investigation, Receives Approval to Unseal or Unredact Case Documents

The SEC has received approval to unseal several documents to further its Binance.US investigation and accused the company of noncooperation. The United States Securities and Exchange Commission (SEC) has accused BInance.US of refusing to fully cooperate with its ongoing investigation. According to the SEC, Binance.US is deliberately providing inadequate or unclear information as part of the investigation. In a September 14 court filing, the SEC said BAM, Binance.US’ holding company, has only submitted 220 documents as part of the discovery process. The SEC added that most of the documents “consist of…