Binance and BAM Trading Engaged In Unregistered Offers and Sales of Securities by@secagainsttheworld
Binance and BAM Trading Engaged In Unregistered Offers and Sales of Securities
by SEC vs. the WorldSeptember 20th, 2023
Too Long; Didn't Read
The U.S. Securities and Exchange Commission (SEC) alleges that Binance and BAM Trading engaged in unregistered offers and sales of securities to U.S. investors. Binance's offerings included BNB, BUSD, BNB Vault, and Simple Earn, while BAM Trading offered its Staking Program. None of these offerings were registered with the SEC, and the SEC claims that no exemptions from registration applied. These offerings were promoted on various platforms, including the companies' websites and social media, and payments were accepted through U.S. bank accounts.
SEC v. Binance Court Filing, retrieved on June 5, 2023 is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This is part 38 of 69.
FACTS
VII. BINANCE AND BAM TRADING ENGAGED IN UNREGISTERED OFFERS AND SALES OF SECURITIES.
282. Since at least 2017, Binance and BAM Trading further violated the federal securities laws by illegally conducting unregistered offers and sales of securities to U.S. investors—in Binance’s case, the offers and sales of BNB, BUSD, Binance’s “BNB Vault” program, and Binance’s “Simple Earn” program, and in BAM Trading’s case, the offer and sale of its staking-as-a-service program (“Staking Program”). No exemption from registration applied or applies.
283. Binance did not register with the SEC any of its offers and sales of BNB, BUSD, BNB Vault, and Simple Earn—unregistered public offerings of securities.
284. Binance used the means and instrumentalities of interstate commerce in engaging in unregistered offers and sales of BNB, BUSD, BNB Vault, and Simple Earn. Among other things, Binance touted the investment potential of these investments on its website, on social media platforms, and in public interviews on broadcasting networks, and Binance accepted payments for these securities through bank accounts in the United States.
285. BAM Trading did not register with the SEC any of its offers and sales of its Staking Program—also public unregistered offerings of securities.
286. BAM Trading used the means and instrumentalities of interstate commerce in engaging in unregistered offers and sales of its Staking Program. Among other things, BAM Trading touted the investment potential of the investment on its website, on social media platforms, and in public interviews on broadcasting networks, and BAM Trading accepted payments for the security through bank accounts in the United States.
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This court case 1:23-cv-01599 retrieved on September 6, 2023, from docdroid.net is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction.
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