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Binance and its former CEO, Changpeng Zhao, filed a motion in court to dismiss the recent supplementary complaint made by the U.S. Securities and Exchange Commission (SEC) last month. The motion emphasizes that the SEC disregarded previous court rulings that did not classify cryptocurrencies as securities.
“Cryptocurrencies Are Not Securities”
In the motion, Binance argues that despite the SEC’s acknowledgment that cryptocurrencies are not securities, the agency continues to treat “secret market sales” as securities transactions. The company’s statement highlighted that the SEC’s supplementary complaint continues to view most cryptocurrency transactions as securities trades. Binance pointed out that this assessment is driven by the expectation of asset appreciation among some investors.
Progress of the Case
This new motion followed Judge Amy Berman Jackson’s decision in June 2024 to allow many of the SEC’s claims to proceed. However, the judge had dismissed allegations concerning Binance’s Simple Earn product and secondary market sales of BNB.
The SEC aims to reintroduce the dismissed allegations by presenting additional evidence addressing the court’s concerns. Specifically, the agency seeks to revisit claims regarding Binance’s Simple Earn product and allegations of ten cryptocurrencies being sold as unregistered securities.
It is important to note that the SEC initially filed the case against Zhao and Binance in June 2023, encompassing three different entities: BAM Management U.S. Holdings, BAM Trading Services, and Binance Holdings.
