Compliance Trouble for Binance: SEC Alleges Unregistered Clearing Agency Operations by@secagainsttheworld
Compliance Trouble for Binance: SEC Alleges Unregistered Clearing Agency Operations
by SEC vs. the WorldSeptember 29th, 2023
Too Long; Didn't Read
The SEC has filed a claim against Binance, asserting that the cryptocurrency exchange failed to register as a clearing agency for its Binance.com platform, a violation of Exchange Act Section 17A(b). This legal action seeks to address the alleged wrongdoing and its potential consequences.
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 61 of 69.
FACTS
IX. BINANCE AND BAM TRADING WERE REQUIRED TO BUT DID NOT REGISTER AS AN EXCHANGE, BROKER-DEALER, OR CLEARING AGENCY.
SEVENTH CLAIM FOR RELIEF
Violations of Exchange Act Section 17A(b)
(Against Binance for Failing to Register as a Clearing Agency for the Binance.com Platform)
532. The Commission realleges and incorporates by reference herein the allegations in Paragraphs 1-35, 80-153, 282-338, and 352-513.
533. At all relevant times, by engaging in the acts and conduct described in this Complaint, specifically by operating the Binance.com Platform, Binance, directly or indirectly, made use of the mails and the means and instrumentalities of interstate commerce to perform the functions of a clearing agency with respect to securities, without registering in accordance with Section 17A(b) of the Exchange Act and without being exempted from registration.
534. By reason of the conduct described above, Binance, directly or indirectly, violated, is violating, and, unless enjoined, will continue to violate Exchange Act Section 17A(b) [15 U.S.C. § 78q-1(b)].
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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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