SEC and Binance.us have filed a joint request today to complete the ongoing legal battle between the two parties. The two entities have been negotiating for several months, but this represents an important breakthrough.
However, it may be premature to claim that legal proceedings are entirely resolved.
Binance.us and the fight of the dry in the final stages
While former President Gary Gensler was in office, the dry was much more aggressive to continue the accusations against the American division of Binance.
During the months which followed, however, the commission took a much softer position. The two submitted a joint request to suspend their battle in February and asked for an extension over a month ago. Today, they asked for a permanent end:
The SEC filed a complaint against Binance, Binance.us, and the founder Changpeng Zhao on June 5, 2023, before the American district court of the District of Columbia. The complaint included 13 accusations, alleging violations of federal laws on securities.
The SEC said that Binance offered and sold unregistered titles, including BNB and Busd tokens, investment products like “Winning Simple”, “BNB Vault” and a commissioning program as a service.
In addition, the Commission said that Binance. But now, under the current Pro-Crypto administration, the SEC removes these implementing complaints.
However, this is not the only recent attempt in the Commission to end a legal battle of the Entre Gensler.
The Commission has concluded similar agreements with Ripple to end their famous judicial affair, but procedural issues have frustrated the agreement.
Even when the regulator and the token transmitter have submitted joint proposals and settlement offers, judicial decisions have always prevented its own conclusion. Unfortunately, Binance and the dry may or may not encounter similar problems today.
For the moment, the information reports the in -depth commitment of the dry to have the cryptography companies examined. Due to legal complexity, the dispute may continue to exist, at least on paper, for weeks or months to come.
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