Binance and CZ mount a strong defense against the EC’s securities law violation claims.
Binance denies securities law violations and disputes product classifications.
Binance, the global cryptocurrency exchange behemoth, and its former CEO, Changpeng Zhao (CZ), have launched a strong counteroffensive against the U.S. Securities and Exchange Commission (SEC). The move comes as a response to the SEC’s allegations, where the regulatory body accused the exchange of 13 securities law violations, including the management of customer assets and alleged misdirection of funds.
In a recent filing on December 12, submitted to the U.S. District Court for the District of Columbia, Binance and CZ claimed that the SEC failed to meet the criteria outlined in the “Howey Test,” a legal standard used to determine whether a transaction qualifies as an “investment contract.” Binance argued that the SEC’s approach failed to look at the essential requirement that the determination of an “inve
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