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SEC Binance: US court says Binance may be in trouble!

SEC Binance: US court says Binance may be in trouble for selling crypto without permission and not following platform rules. The SEC’s case against them can mostly go forward.

US court is saying a big crypto company, Binance, might be in hot water. The SEC, which watches over money, thinks Binance played fast and loose with the rules for buying and selling cryptocurrencies. They even believe Binance lied to people! The court agrees that Binance needs to explain itself for most of these accusations. Even though some minor charges were dropped, Binance could still be in big trouble for serious things, like selling certain cryptocurrencies without permission. Even the people who run Binance could be held responsible.

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SEC Binance: Charges Dropped, Major Allegations Remain

On Friday, A court in Washington D.C. is hearing a case between the SEC, the government agency that watches over money matters and Binance, a big crypto company. The SEC accuses Binance of breaking the law by selling cryptocurrencies without permission, running trading platforms without following the rules, and maybe even misleading investors. However, the court also threw out a few of the less serious accusations against Binance.

SEC Binance: These include the offering and selling of BUSD without a registration statement, secondary sales of BNB by other sellers, and the operation of the Simple Earn program without registration.

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Key Allegations Allowed to Proceed

SEC Binance: Operating the BNB Vault program without registration. BAM Trading’s offering and selling of its Staking Program without registration. Which will let you Operate the Binance.com platform without registering as an exchange, broker-dealer, or clearing agency.

Operating the Binance.US platform without registering as an exchange, broker, and clearing agency.

SEC Binance: The court also gave the SEC the go-ahead to pursue charges against the leader of Binance (CZ) for potentially breaking the law.The court also gave the SEC the green light to look into the folks behind the Staking Program (BAM). Basically the SEC wants to see if they were honest with investors or not, and this is a major win for the SEC in their case against Binance, and it could have a big impact on how all crypto companies operate in the future. This court decision could set new rules that all crypto companies have to follow.

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Also Read- SEC Binance Lawsuit: Main Charges Upheld, Hearing Set for July 9

Disclaimer

The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.