The SEC is ramping up its legal efforts against cryptocurrency exchange Binance and its American counterpart, Binance.US, as the regulatory authority accuses both entities of security law violations and fraudulent activities. The SEC is determined to proceed with its legal action and has opposed the dismissal motions filed by Binance and CEO Changpeng “CZ” Zhao.
In this recent development, the SEC officially contested the dismissal motion filed on November 7. The regulatory body is urging Judge Amy Berman Jackson to reject Binance.US’s request to dismiss the lawsuit. The SEC’s case revolves around allegations of unregistered cryptocurrency securities and securities law violations. The SEC’s opposition is grounded in its commitment to protecting the interests of investors.
The legal proceedings are far from over, as a crucial hearing is set for January 18, 2024, where Judge Jackson will evaluate the motion to dismiss the SEC’s complaints against Binance, Binance.US, and CEO CZ. This hearing will significantly shape the future course of this legal battle.
The SEC’s recent legal challenges in cases like Ripple have led to increased scrutiny of the regulatory body, affecting its credibility. These legal developments have also had an impact on the cryptocurrency market, contributing to notable market reactions and heightened optimism, particularly in anticipation of spot Bitcoin ETF approval.
