Fine

Billion

<a href="https://bitcoinworld.co.in/binance-vs-sec-case-is-tomorrow-here-is-what-to-know/" title="Binance vs. SEC Case Is Tomorrow: Here Is What To Know" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Tomorrow, the attention of the cryptocurrency world will be on the case between Binance and SEC. Here’s what you need to know.</li>
</ul>
Binance, the world’s largest crypto exchange, will face off against the US Securities and Exchange Commission (SEC) in a courtroom in Washington next week.&nbsp;
This important hearing could potentially determine how cryptocurrencies are regulated.
Binance previously asked Federal Judge Amy Berman Jackson to dismiss a lawsuit filed by the SEC in June alleging Binance violated agency rules.&nbsp;
The crypto exchange is expected to file its motion to dismiss the case on Monday.
The SEC accused Binance, its CEO and founder Changpeng Zhao, and the exchange’s US arm of artificially inflating trading volumes, misappropriating customer funds, failing to restrict US customers from its platform, and misleading investors about market surveillance controls.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/binance-experiences-growth-recorded-over-4-billion-inflow-after-us-fine-settlement/https://bitcoinworld.co.in/binance-experiences-growth-recorded-over-4-billion-inflow-after-us-fine-settlement/" aria-label="“Binance Experiences Growth, Recorded Over $4 Billion Inflow After US Fine Settlement” (Edit)" rel="noopener noreferrer nofollow">Binance Experiences Growth, Recorded Over $4 Billion Inflow After US Fine Settlement</a>
The regulator <a href="https://en.bitcoinsistemi.com/entire-cryptocurrency-market-will-focus-on-binance-sec-case-tomorrow-heres-the-time-and-what-to-know/" rel="noopener noreferrer nofollow">also</a> alleges that Binance illegally supported the trading of several cryptocurrencies that are considered unregistered securities by the SEC.
The hearing, originally scheduled for Friday, was postponed due to snowfall in the Washington, DC area and has been rescheduled for Monday, January 22 at 6:00 PM ET (10:00 AM EST).
This hearing follows a separate lawsuit filed earlier this week by the SEC against rival US crypto exchange Coinbase, which the SEC also accused of trading cryptocurrencies that should actually be registered.
The SEC has long maintained that most cryptocurrencies are akin to securities subject to its supervision, and this stance has been widely disputed by the crypto industry. Both cases are expected to shape the SEC’s authority over the industry.
BAM Trading, the operator of Binance.US, argued in court filings that the SEC lacks the authority to oversee crypto assets. This is a stance similar to that of Coinbase, which also asked for the SEC lawsuit to be dismissed.
Binance also stated that the US regulator did not prove that Binance committed fraud.
Last year, Binance Holdings agreed to pay $4.3 billion to settle with the Department of Justice and the Commodity Futures Trading Commission over illegal financial violations, and Zhao was found guilty of violating US anti-money laundering laws.&nbsp;
However, the SEC’s lawsuit still haunts the stock market.
While Binance has reached settlements with other agencies, including the DOJ and CFTC, it did not want to settle with the SEC because doing so would mean admitting that the tokens mentioned in the case were securities.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/secs-analogy-for-crypto-investment-made-xrp-lawyers-john-deaton-laugh/" aria-label="“SEC’s Analogy For Crypto Investment Made XRP Lawyers, John Deaton, Laugh” (Edit)" rel="noopener noreferrer nofollow">SEC’s Analogy For Crypto Investment Made XRP Lawyers, John Deaton, Laugh</a>
Such an admission could potentially impact Binance’s business model more than anti-money laundering compliance issues.
Binance also wanted to try its luck in court, believing there was strong evidence that the SEC overstepped its jurisdiction and did not prove fraud.
The post <a href="https://bitcoinworld.co.in/binance-vs-sec-case-is-tomorrow-here-is-what-to-know/" rel="noopener noreferrer nofollow">Binance vs. SEC Case Is Tomorrow: Here Is What To Know</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Binance vs. SEC Case Is Tomorrow: Here Is What To Know

ItsBitcoinWorld

Other articles published on Jan 21, 2024

Blur and Celestia Rally, But NuggetRush Steals the Spotlight

Imminent Token Unlock: Space ID’s ID Token Draws Investor Attention

Ethereum ETF Speculation Yet to Start Despite Market Movements

Binance Launchpool, potential candidates for upcoming Altcoin projects

Why Ripple’s Recovery Will Be Faster Than Anticipated, XRP Expected to Rise to This Price Level

Dogecoin (DOGE), Kaspa (KAS), Mollars, or Bitcoin (BTC) — Which Crypto Can Yield $55,000 From A $...

Join our free newsletter for daily crypto updates!