Binance, SEC face off over regulator's crypto oversight
SEC) on Monday defended its authority to oversee certain cryptocurrency assets in court, as Binance urged a federal judge to dismiss the regulator's case against the world's largest crypto exchange.
Monday's hearing over Binance's request marked the second closely-watched courtroom battle in less than a week that could help define the U.S. securities regulator's jurisdiction over the crypto sector. Last week, Coinbase and the SEC clashed over similar questions.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit Binance has asked U.S. Judge Amy Berman Jackson to toss out a lawsuit the SEC filed alleging Binance broke its rules and committed fraud. The lawsuit is one of Binance's last major legal challenges in the U.S. Jackson did not rule from the bench on Monday, saying she would take the issue under advisement.
Binance agreed to pay $4.3 billion in November to settle with the Department of Justice and the Commodity Futures Trading Commission over illicit finance breaches. Its then-CEO Changpeng Zhao pleaded guilty to breaking U.S. anti-money-laundering laws and agreed to step down as CEO, but the SEC's case is still hanging over the exchange.
The SEC has accused Binance, Zhao and the exchange's U.S. arm of artificially inflating its trading volumes, diverting customer funds, failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls.
The regulator also accused Binance of unlawfully facilitating trading of several crypto tokens the SEC deemed
