David Vance

when

<p>The post <a href="https://coinpedia.org/news/sec-vs-binance-key-deadline-set-for-july-29-by-judge-amy-berman-jackson/">Binance vs SEC Update: Key Deadline Set for July 29 by Judge Amy Berman Jackson</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The legal saga between the U.S. SEC vs Binance Holdings Limited began when the SEC filed a lawsuit on June 5, 2023, in the District Court for the District of Columbia. The case, overseen by Judge Amy Berman Jackson and referred to Magistrate Judge Zia M. Faruqui, accuses Binance of violations under the Securities Exchange Act, focusing on securities and commodities-related issues only.&nbsp;</p> 
<p>Recently Binance bagged a major win when Amy Berman Jackson, a U.S. District Judge in the District of Columbia, dismissed several <a href="https://coinpedia.org/news/binances-epic-win-over-sec-ripple-case-now-in-the-spotlight/" target="_blank" rel="noreferrer noopener">charges brought by the SEC against Binance</a> and its founder, Changpeng Zhao (CZ). The charges dismissed relate to secondary market sales of BNB and the Simple Earn program. However, other charges, including those related to Binance’s initial token offering and ongoing sales, will proceed.</p> 
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   <p lang="en" dir="ltr">In a victory for the industry, a US federal court dismissed several <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> claims against <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>, ruling that:<br><br>1) Crypto tokens are not securities,<br>2) BNB sales on secondary exchanges were not adequately alleged to be securities,<br>3) BUSD is not a security.<br><br>Read more <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2935.png" alt="⤵" class="wp-smiley" style="height: 1em; max-height: 1em;">…</p>— Binance (@binance) <a href="https://twitter.com/binance/status/1808055814348763552?ref_src=twsrc%5Etfw">July 2, 2024</a>
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<h2 class="wp-block-heading" id="h-recent-developments"><strong>Recent Developments</strong></h2> 
<p>On July 9, 2024, a significant scheduling conference was held where Judge Amy Berman Jackson <a href="https://www.courtlistener.com/docket/67474542/sec-v-binance-holdings-limited/?order_by=desc" target="_blank" rel="noreferrer noopener nofollow">ordered </a>both parties to collaborate and submit a joint proposed schedule by July 29, 2024. This schedule must include deadlines for potential motions to amend the complaint, relief from rulings, and details on the discovery process.</p> 
<p>Since now the case proceedings and timelines will be set it is anticipated that several motions and orders have been filed under seal, indicating sensitive information. The case continues to move forward with detailed planning and collaboration required from all parties involved.</p> 
<h2 class="wp-block-heading" id="h-sec-s-allegations-what-are-they-saying"><strong>SEC’s Allegations: What Are They Saying?</strong></h2> 
<p>Filed in June 2023, the SEC’s lawsuit accuses Binance and its CEO, Changpeng Zhao, of inflating trading volumes, diverting customer funds, failing to block U.S. customers from its platform, and misleading investors about its market controls. Plus, the SEC alleges that Binance facilitated the trading of unregistered securities, further complicating its legal standing.</p> 
<p>This ruling comes after <a href="https://coinpedia.org/news/binance-agrees-to-pay-4-3-billion-plea-deal-takes-responsibility-for-past-violations-what-now-for-cz/" target="_blank" rel="noreferrer noopener">Binance recently agreed to pay $4.3 billion</a> to settle charges with the Department of Justice and the Commodity Futures Trading Commission over illegal finance breaches.</p> 
<p>Similar allegations have been made against other major crypto exchanges such as Coinbase, Kraken, Consensys, and MetaMask, signaling a broad regulatory crackdown on the cryptocurrency industry.</p> 
<h2 class="wp-block-heading" id="h-crypto-reaction"><strong>Crypto Reaction</strong></h2> 
<p>According to David Barrera, Co-Founder, and CEO, Enumma <a href="https://x.com/david_r_barrera/status/1810803722101940397" target="_blank" rel="noreferrer noopener nofollow">suggests </a>curiosity about recent developments in the SEC v. Binance case. He speculates that the SEC might take further action by either amending its complaint or seeking relief from the court’s recent ruling on the motion to dismiss. This indicates that the SEC may be looking to adjust its legal strategy in response to the court’s decisions.<br><strong>Ready for a crypto boom! Buckle up, because this ruling could be a game-changer</strong>.</p>

Binance vs SEC Update: Key Deadline Set for July 29 by Judge Amy Berman Jackson

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