Unregistered and Under Pressure: Binance's Battle with the SEC
by SEC vs. the WorldSeptember 27th, 2023
Too Long; Didn't Read
The SEC has initiated a fifth claim against Binance, asserting that the exchange violated Exchange Act Section 5 by failing to register as an exchange for its Binance.com platform. This claim revolves around the definition of an "exchange" and the use of facilities within the United States. Read on for insights into this SEC enforcement action.People Mentioned
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 59 of 69.
FACTS
IX. BINANCE AND BAM TRADING WERE REQUIRED TO BUT DID NOT REGISTER AS AN EXCHANGE, BROKER-DEALER, OR CLEARING AGENCY.
FIFTH CLAIM FOR RELIEF
Violation of Exchange Act Section 5
(Against Binance for Failing to Register as an Exchange for the Binance.com Platform)
526. The Commission realleges and incorporates by reference herein the allegations in Paragraphs 1-35, 80-153, 282-338, and 352-513.
527. At all relevant times, by engaging in the acts and conduct described in this Complaint, specifically by operating the Binance.com Platform, Binance met and continues to meet the definition of “exchange” and, directly or indirectly, made use of the mails and the means and instrumentalities of interstate commerce for the purpose of using any facility of an exchange within or subject to the jurisdiction of the United States to effect transactions in a security, or to report any such transaction, without registering as a national securities exchange under Exchange Act Section 6 [15 U.S.C. § 78f], and without being exempted from such registration.
528. By reason of the conduct described above, Binance, directly or indirectly, violated, is violating, and, unless enjoined, will continue to violate Exchange Act Section 5 [15 U.S.C. § 78e].
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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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