Victory

Coin

<ul> 
 <li aria-level="1">A U.S. court dismissed some SEC claims against Binance related to BNB.</li> 
</ul> 
<ul> 
 <li aria-level="1">Secondary sales of BNB by parties other than Binance were ruled not to be unregistered securities offerings.</li> 
</ul> 
In a recent <a href="https://twitter.com/CollinBrownXRP/status/1806960798712934775" target="_blank" rel="noopener">ruling</a>, the U.S. District Court for the District of Columbia has dismissed several claims in the ongoing lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Binance and its affiliates. The court’s ruling clarified the status of BNB secondary sales, dismissing the <a href="https://www.crypto-news-flash.com/court-ruling-a-major-blow-to-sec-in-bnb-coin-case/" target="_blank" rel="noopener">SEC’s allegations </a>regarding these transactions.&nbsp; 
According to the decision, the SEC failed to prove adequately that secondary BNB sales amounted to unregistered securities offerings under the Securities Act. The court also pointed out that these sales, made by entities other than Binance, did not have the characteristics of securities transactions. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Judge dismisses SEC's claim that Binance's BNB secondary sales, under CEO Changpeng Zhao's leadership, qualify as securities under Howey Test, citing economic reality of token transactions. Victory for Binance amid ongoing regulatory scrutiny. <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> <a href="https://twitter.com/hashtag/CZ?src=hash&amp;ref_src=twsrc%5Etfw">#CZ</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> <a href="https://t.co/fd5de8ED49">pic.twitter.com/fd5de8ED49</a> 
 — Collin Brown (@CollinBrownXRP) <a href="https://twitter.com/CollinBrownXRP/status/1806960798712934775?ref_src=twsrc%5Etfw">June 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
&nbsp; 
This aspect of the ruling is important in the case as it pins the case on the ICO and the ongoing direct sales of BNB by Binance. The ruling issued by the court infers that the SEC needs to present better evidence in the effort to make claims concerning the secondary market in the cryptocurrency industry.&nbsp; 
The court also addressed the SEC’s allegations concerning Binance USD (BUSD), a stablecoin <a href="https://www.crypto-news-flash.com/bnb-drops-from-all-time-high-eyes-recovery-amid-market-sentiment-shifts/" target="_blank" rel="noopener">issued by Binance.</a> The SEC had claimed that Binance violated Sections 5(a) and 5(c) of the Securities Act by offering and selling BUSD without a proper registration statement. 
<h3 id="strong-comparison-to-the-ripple-case-strong">Comparison to the Ripple Case</h3> 
The Binance case can be compared to the SEC’s lawsuit against Ripple, especially in terms of how the courts have treated the status of digital assets. In July 2023, District Judge Analisa Torres held that Ripple’s programmatic sales of XRP were not investment contracts, while institutional sales were. This difference between various kinds of sales and their legal status seems to be a common trend in these high-profile cryptocurrency-related cases.&nbsp; 
The ruling in the Binance case might impact future cases concerning cryptocurrency sales especially in the areas of primary and secondary markets. As a result, the court’s decision highlights the difficulties of using classical securities laws for the new digital asset market. 
<h3 id="strong-ongoing-proceedings-and-implications-strong">Ongoing Proceedings and Implications</h3> 
However, some of the claims<a href="https://www.crypto-news-flash.com/brian-armstrongs-journey-from-airbnb-engineer-to-crypto-billionaire/" target="_blank" rel="noopener"> have been dismissed, </a>and the SEC’s case against Binance is still ongoing, with several key allegations intact. The decision in this case could have broad ramifications for Binance and may establish legal principles regarding cryptocurrency exchanges and their obligations under securities laws.&nbsp; 
The court’s decision to dismiss certain claims while allowing others to proceed highlights cryptocurrency regulation’s nuanced nature and the challenges regulatory bodies face. Data from <a href="https://www.crypto-news-flash.com/marketcap/" target="_blank" rel="noopener">CNF Marketcap</a> shows that BNB Coin is currently at $581.96 and appreciated by 1% within the last 24 hours. 
<div class="cryptoboxes" id="mcw-435407" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bnb" data-symbol="BNB" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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On the same note, the SEC vs Binance lawsuit started in June 2023, when the SEC alleged that Binance and Zhao offered unregistered securities in the US. In response, Binance requested the dismissal of the lawsuit, stating that the SEC had exceeded its jurisdiction. The next court hearing in this case is set for July 9, 2024.&nbsp;

Victory for Binance: Judge Rejects SEC’s Securities Claim on BNB Sales

目次

Crypto News Flash

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