CandleFocus SEC Places Heavier Scrutiny on Binance's Token Listing, Trading Process in Proposed Amended Complaint
2024-09-16
Author: Content Editor
The U.S. Securities and Exchange Commission (SEC) has filed a proposed amended complaint against crypto exchange Binance, following a federal judge's ruling that allowed most of the regulator's charges to proceed. The SEC's proposed amended complaint addresses concerns raised by the judge and seeks to bolster charges that were not fully addressed in her ruling. The SEC alleges that Binance operated as an unregistered broker, clearinghouse, and trading venue and offered unregistered securities through its BNB token, BUSD stablecoin, and staking service. The proposed amended complaint includes more details on Binance's listing of various tokens, the promotion of investments in these tokens, and allegations that Binance's BNB token was offered and sold as a security. The SEC also alleges that Binance's actions surrounding BNB burns and support for projects using BNB were designed to increase the token's value. Binance has until October 11 to respond to the proposed amended complaint.
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