- Binance claimed that the SEC’s moves on digital assets were an oversight.
- BNB dipped for the second consecutive day to trade around $210.
Binance [BNB] recently challenged the Securities and Exchange Commission’s lawsuit, contending that it lacks jurisdiction to initiate legal action.
Read Binance’s [BNB] Price Prediction 2023-24
Binance moves to dismiss SEC’s charges
The legal dispute between Binance and the Securities and Exchange Commission (SEC) is ongoing, and Binance has recently taken action to challenge the regulatory body’s authority.
On 21 September, Binance, Binance.US, and Changpeng Zhao filed a motion to dismiss the SEC’s lawsuit. They argued that the SEC had not provided sufficient evidence to support its claims of various securities-related violations.
Additionally, they asserted that the SEC was attempting to assert authority over digital assets without clear legislative backing from Congress.
The SEC had initially filed its lawsuit against Binance and its affiliates on 5 June. The regulatory body alleged that the exchange had engaged in the sale of unregistered securities and was operating unlawfully in the United States.
How did Binance Coin react?
The daily chart for BNB indicated that it did not respond positively to the recent development from the exchange. Instead, it continued its ongoing downward trend.
On 21 September, when Binance made its legal move, BNB’s value decreased by more than 1.6% and was trading at $210.8. At the time of writin
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Author: Adewale Olarinde
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