SEC Amends Its Lawsuit Against Binance, No Longer Alleging the Exchange Offered Third-Party Securities

The U.S. Securities and Exchange Commission (SEC) has amended its lawsuit against Binance, the world's largest cryptocurrency exchange by trading volume.

The U.S. Securities and Exchange Commission (SEC) has filed an amended complaint in its lawsuit against Binance, seeking to drop allegations that the cryptocurrency exchange offered third-party securities in violation of U.S. laws.

The SEC’s original lawsuit, filed last summer, alleged that Binance, Binance.US, and its former CEO Changpeng Zhao were offering unregistered broker, trading, and clearing services in the U.S. for digital asset securities. The agency categorized SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities in the complaint.

However, in June, a U.S. federal court ruled that cryptocurrencies and secondary sales of the BNB token do not qualify as securities. The court’s decision noted that the SEC’s claims were “insufficiently clear” and that the agency had failed to demonstrate that the BNB token is a security.

The SEC’s amended complaint now drops the allegations that Binance offered third-party securities in contravention of U.S. laws. The agency is also seeking to amend its complaint in other respects, including adding new allegations and striking certain defenses asserted by the defendants.

Binance is the world's largest cryptocurrency exchange by trading volume. The exchange has been under increasing scrutiny from regulators in recent months. In addition to the SEC’s lawsuit, Binance is also facing an investigation by the Commodity Futures Trading Commission (CFTC).

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