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The Securities and Exchange Commission (SEC) is closely monitoring several cryptocurrencies including Solana, Polygon, and Cardano as part of its legal case against Binance.
Binance, along with its CEO, Changpeng Zhao, is facing 13 charges. These charges include allegations of commingling customers’ funds and attempting to circumvent U.S. securities laws through the use of ‘sham controls’ to determine business relationships with the company.
Our response to the SEC's complaint.https://t.co/mgXxGTKr67
— BINANCE (@binance) June 5, 2023
In addition to the charges against Binance, the SEC has stated that cryptocurrencies like Solana, Polygon, Cardano, and others listed on the exchange are considered securities according to their lawsuit. These cryptocurrencies hold significant market value, with multi-billion dollar market caps, while some of them are associated with emerging gaming-focused projects.
The coins in question include:
- Binance’s BNB token
- Binance exchange’s stablecoin, BUSD,
- Cardano
- (MATIC)
- Filecoin (FIL)
- Cosmos Hub (ATOM)
- The Sandbox (SAND)
- Decentraland (MANA)
- Algorand (ALGO)
- Axie Infinity (AXS)
- COTI (COTI)
The SEC’s charges against Binance and BAM Trading (the operator of Binance.US) are primarily based on the allegation that both entities operated as exchanges without obtaining registration with the SEC. Furthermore, the charges include claims of them functioning as broker-dealers and clearing agencies without appropriate registration. Binance has maintained that Binance.US is a separate company from Binance.
Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5irpic.twitter.com/IWTb7Et86H
— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023
According to the SEC, as part of their allegations, certain cryptocurrencies were offered and sold as securities on both Binance’s international exchange and Binance.US. The SEC claims that these offerings and sales were conducted without complying with the necessary securities regulations.
“Binance and BAM Trading have unlawfully engaged in unregistered offers and sales of crypto asset securities,” the lawsuit states. “In so doing, they have deprived investors of material information, including the risks and trends that affect the enterprise and an investment in these securities.”
A security refers to a tradeable financial instrument that holds some form of monetary value and represents an ownership interest or a debt obligation of an individual, organization, or government entity.
See also
Securities can take various forms, such as stocks, bonds, options, or derivatives. They are typically regulated and governed by specific laws and regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States, to protect investors and ensure fair and transparent markets.
SEC Chairman, Gary Gensler, previously said that all crypto tokens, besides bitcoin, are securities.
