This United States Securities and Exchange Commission stated that they are approx. 12 cryptocurrencies at risk due to US government lawsuit against Binance Holdings Ltd., a multinational company that operates predominantly on the cryptocurrency exchange.

Similarly, the United States Securities and Exchange Commission stated that it will. It is important to enter these cryptocurrencies as securities on the regulatory spectrum.

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In the SEC’s lawsuit against Binance, Changpeng Zhao’s company “vHe violated federal law by illegally offering and selling unregistered securities to US investors.”

The 136-page document, in which the federal government agency sued Binance, highlights the fact that the United States Securities and Exchange Commission has sued. establishes the possibility of creating a new group of cryptocurrencies can be classified as values.

Similarly, the agency accuses Binance of engaging in commercial activities. “BNB by Solana, BUSD, SOL, ADA by Cardano, MATIC by Polygon, FIL by Filecoin, ATOM by Cosmos, SAND by Sandbox, MANA by Decentraland, ALGO by Algorand, AXS by Axie Infinity and COTI tokens from Coti”, not yet registered as securities and may affect users.

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The aforementioned means that individuals who exchange any type of cryptocurrencies that are not regulated by the SEC, May be subject to investigation by the United States Securities and Exchange Commission and facing legal charges.

In the complaint filed by the SEC, it was stated that Binance company alleges that the types of currency exchange traded within the company commit various financial crimes. Among them, the following stand out: 1) Fundamental legal principles and unregistered values, 2) Cross-trading, and 3) Mixture of company assets with those of users.

Likewise, the SEC dismissed Changpeng Zhao. Significantly inflate the cryptocurrency trading volume, for the purpose of relocating its subsidiaries in and out of the United States and requests that the assets of Binance and its creator be frozen until a manager with a neutral position is found.


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Binance’s response to the SEC lawsuit

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Source: Exame

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