Binance Wins Partial Dismissal in SEC Case, But Key Charges Remain

In a recent development, a U.S. judge has issued a mixed ruling in the ongoing legal battle between the SEC and cryptocurrency exchange Binance.  While a portion of the SEC's lawsuit was dismissed, significant charges against Binance are allowed to proceed.

Charges Moving Forward

• Unregistered Offerings and Sales: The SEC's claims that Binance offered and sold securities without proper registration, including BNB tokens, BUSD tokens, and lending products, will be heard in court.
• Binance.US Involvement: The SEC's accusations against BAM Trading, the holding company for Binance.US, regarding its staking program will also move forward. This suggests potential scrutiny of Binance's control over its US affiliate.

Dismissed Charge

• Secondary Sales of BNB: The judge dismissed the SEC's argument that Binance was responsible for regulating secondary market trading of BNB tokens. This echoes a similar ruling in the SEC's case against Ripple Labs.

What This Means

The judge's decision allows the core of the SEC's case to continue. Binance will need to defend itself against allegations of unregistered securities offerings and potential manipulation related to its US customers. While the dismissal of the secondary sales charge is a win for Binance, the remaining accusations are serious and could result in significant penalties. 

June 2024, Cryptoniteuae