According to Coindesk, a district judge in the District of Columbia has dismissed part of the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against the cryptocurrency exchange platform Binance and its founder Changpeng Zhao (CZ). In an order issued late Friday, Judge Amy Berman Jackson ruled that the SEC’s charges against Binance, including initial coin offerings, ongoing sales of BNB, BNB Vault, staking services, unregistered and fraud allegations, could proceed. However, she also granted the motion to dismiss the charges related to BNB secondary sales and Simple Earn proposed by Binance and CZ.
Last summer, the SEC sued Binance, Binance.US, and its founder Changpeng Zhao, accusing these exchanges of providing unregistered brokerage, trading, and clearing services in the U.S., involving unregistered digital asset securities. Later, the SEC also brought similar charges against Coinbase and Kraken exchanges, and this week against ConsenSys and MetaMask.
According to Fox Business reporter Eleanor Terrett, Judge Amy Berman Jackson noted in her dismissal of the charges related to the BNB secondary sales motion that the nature of tokens can evolve over time, and just because a token was initially offered as a security does not mean it always remains a security.
Eleanor Terrett believes this is a significant victory for digital asset secondary sales, as the case greatly enhances the clarity of cryptocurrency assets in secondary market sales. In the future, exchanges including Coinbase, Consensys, and Kraken will be able to cite this ruling to strengthen their position in litigation
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