Recently, the CEO of Binance had taken to the front to protect its very popular exchange of cryptocurrencies. According to the latest news, Changpeng Zhao, aided by Binance.US lawyers, asked the court to dismiss the lawsuit of the United States SEC. Decryption!
In short
- CZ and Binance have just filed a joint motion asking the court to dismiss the SEC’s charges against him and his crypto exchange
- According to the document, the Securitites and Exchange Commission has crossed the red line as a regulator of the cryptocurrency market
Binance and CZ join forces against the SEC
Faced with an increasingly aggressive SEC against Binance, US-based crypto exchanges, DeFi and the entire cryptocurrency industry, CZ and his entire team do not hesitate to step up to the front.
Recently, the CEO of Binance made a disturbing confession which will probably change the situation in the case between the American branch of its crypto empire (Binance US) and the financial policeman. In a tweet, he clarified thatat no time had BinanceUS dealt with Ceffu or Binance Custody.
“ Binance Holdings and its CEO CZ have filed a petition requesting that the cases filed against them by the United States Securities and Exchange Commission (SEC) be dismissed. »
In the columns of Cointelegraphwe were able to note several details concerning theevolution of the Binance vs SEC case. The 60-page document filed yesterday, September 21, in the United States District Court highlights two very distinct requests :
- there lifting of prosecution committed by Gary Gensler and his entire team against Changpeng Zhao and Binance Holdings;
- the precision of a abuse of power from the SEC as part of the proceedings against him and his crypto exchange.
Said request also mentions a breach of duty presentation of clear guidelines from the crypto regulator. CZ and Binance believe that the US SEC should have clarified certain things before taking the cryptocurrency exchange to court.
In doing so, any anti-crypto legal initiative by the SEC would amount to an abuse of retroactive regulatory authority.
“ The SEC is pursuing these novel theories retroactively, seeking to impose liability for crypto asset sales that occurred as early as July 2017, before the SEC provided public guidance regarding cryptocurrencies “, we can read in the file.
Binance raises a problem of interpretation of the law
Binance and CZ, victims of an unexpected attack since the beginning of June, have never shown no sign of weakness against the SEC. When the crypto regulator drew up a list of 13 charges against the boss and his crypto exchange, Binance did not hesitate to use all its legal and communication assets to balance the balance of power.
In the document recently filed with the court, Binance lawyers, already authors of several requests as a counterattack, did not fail to single out the SEC. According to them, this American institution misinterpreted the foundations of the laws on securities. She even went as far as apply incorrectly on cryptocurrencies.
“ In Attempting to Claim Regulatory Power Over the Cryptocurrency Industry, the SEC Distorts the Text of Securities Laws “, they continued in the request.
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