The judge supports most of the SEC’s charges against Binance! Charges related to BNB, BUSD, and currency earning are withdrawn

The U.S. court approved most of the SEC’s charges against Binance

1. A U.S. federal judge ruled on the 28th to approve most of the 13 charges brought by the U.S. Securities and Exchange Commission (SEC) against the exchange Binance .

2. The approved charges include:

   • BNB’s initial coin offering (ICO) involved the sale of securities.
   • Binance failed to register as a trading broker in accordance with the law.

3. The court dismissed the allegation that the following were securities:

   • Stablecoin BUSD
   • Coin Earn Plan (Simple Earn)
   • BNB secondary market sales

     

     The allegation that the trial continues:
4. Former Binance CEO Changpeng Zhao "CZ" and related entities continue to control Binance.US behind the scenes
5. BNB Initial Coin Offering (ICO) and BNB Revenue Pool (BNB Vault) involve securities sales
6. Binance provides securities trading , and failed to register in accordance with the Exchange Act
7. Trading data provider BAM Trading was involved in misleading investors, selling investment contracts, and violating anti-fraud provisions

Rejected and withdrawn charges:

1. Stablecoin BUSD The issuance and sale of the platform currency BNB involve the sale of securities
2. The secondary market sales of the platform currency BNB involve the sale of securities
3. The currency earning service (Simple Earn) involves the sale of securities

Judge Jackson’s opinion:

• SEC’s observation is clear and Be convincing, especially in distinguishing the "investment contract" from the "token itself".
• BUSD and coin earning services do not constitute an investment contract.

BNB Secondary Market Sales

• Judge Jackson cited the opinion of Judge Analisa Torres in the Ripple case and held that the sale of BNB on the secondary market is not illegal.
• SEC cited the Terraform Labs ruling to prove that BUSD and UST were securities, but it was dismissed.

Industry comments:

• Crypto journalist Eleanor Terrett said the ruling is in favor of companies such as Coinbase, Kraken and Consensys.
• Crypto industry lawyer Meta Law Man believes this is a victory for the crypto space.

Background:

• The SEC sued Binance last June, accusing it of offering the sale of unregistered securities and operating illegally in the United States.
• Binance filed a motion to dismiss, arguing that the SEC overstepped its authority and expanded securities standards.
• A court hearing is scheduled for July 9th.
• Former CEO CZ served 4 months in jail on sanctions violation charges.

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