In a recent court filing, Binance, Binance.US, and CEO Changpeng “CZ” Zhao have formally asked for the dismissal of the United States Securities and Exchange Commission (SEC) lawsuit filed against them.

“The SEC’s claims against BHL and Mr. Zhao fail as a matter of law,” the filing stated.

Binance Aims to Dispel All Allegations in Lawsuit

According to a recent court filing, Binance, Binance.US, and CEO Changpeng “CZ” Zhao, have filed a request to dismiss all the counts in the SEC lawsuit.

On June 5, the SEC filed the lawsuit, leveling 13 charges against the crypto exchange. It includes allegations of operating unregistered exchanges, broker-dealers, and clearing agencies.

However, the recent filing asserts that investors did not suffer any harm:

“Significantly, the SEC does not claim that BHL or Mr. Zhao committed any fraud or harmed a single investor.”

Furthermore, it raises the issue of the lawsuit’s validity. It underlines its argument on the SEC’s lack of clarity regarding the definition of a security:

“If there is any doubt that the SEC’s novel spin on the meaning of “investment contract” is wrong, then the major-questions doctrine resolves that doubt against the SEC.”

It further disputes BNB – a token Go to Source to See Full Article
Author: Ciaran Lyons

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