By: Eva Baxter
Binance Holdings and its CEO, Changpeng Zhao, have sought dismissal of the US Securities and Exchange Commission (SEC)'s lawsuit against them. A petition has been filed claiming that SEC had overstepped its authority in raising the lawsuit. The papers filed argue that the SEC is misrepresenting the securities laws and attempting to unjustly exert regulatory power over the cryptocurrency industry.
Further, Binance.US, the American counterpart of the crypto exchange, has also filed a similar petition for dismissal against charges levied on it. It's claimed in the petition that the regulator hadn't plausibly alleged various securities-related violations. Further details on the case are awaited. These filings reflect the legal and regulatory challenges that cryptocurrency exchanges continue to face around the globe.
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