Judge Rules Binance to Confront Majority of SEC’s Crypto Lawsuit Claims | The Mighty 790 KFGO

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    <p>(Reuters) – A U.S. federal judge has decided that a substantial part of the lawsuit brought forth by the U.S. Securities and Exchange Commission (SEC) against Binance, the cryptocurrency market's largest trading platform, is permissible to proceed.</p>
    <p>U.S. District Court Judge Amy Berman Jackson, who is presiding over the case in the District of Columbia, rejected Binance's request to dismiss the case. The SEC alleges that Binance, alongside its founder and ex-CEO Changpeng Zhao, violated securities regulation.</p>
    <p>According to the SEC, in the lawsuit they initiated in June 2023, the trading platform along with Zhao manipulated their reported trading volumes and misused customer funds. Additionally, they are charged with failing to adequately prevent U.S. customers from accessing its services and providing misleading information about their market monitoring mechanisms.</p>
    <p>Binance also stands accused by the regulator of facilitating the trading of various digital asset tokens which, according to the SEC, were not lawfully registered as securities.</p>
    <p>While Binance has faced legal challenges, agreeing in November to settle with the Department of Justice and the Commodity Futures Trading Commission by paying $4.3 billion over violations related to financial misconduct, the recent court ruling handed down a mixed outcome. Although Binance faced a setback, the ruling is considered a partial win for the cryptocurrency community. Judge Berman Jackson concurred with another judge's finding that the SEC failed to prove that the secondary market sales of Binance's tokens, which were traded by parties other than Binance on various platforms, constituted securities transactions.</p>
    <p>(Written by Gnaneshwar Rajan in Bengaluru and Hannah Lang in Washington; Edited by Diane Craft)</p>
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