Reported about 1 year ago
A federal judge, Amy Berman Jackson, ruled that the majority of the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, the world's largest cryptocurrency exchange, can proceed. The SEC's lawsuit accuses Binance and its founder Changpeng Zhao of breaking securities laws by artificially inflating trading volumes, diverting funds, and facilitating trading of unregistered securities. This ruling is a setback for Binance after settling with the Department of Justice and the Commodity Futures Trading Commission. However, the judge ruled in favor of the broader cryptocurrency industry by stating that the SEC did not prove that certain token sales were not securities.
Source: YAHOO