Source: blockchain.news
The Securities and Exchange Commission (SEC) has leveled a series of allegations against the US operations of cryptocurrency exchange Binance, casting a significant cloud over the platform’s future in the US.
In a formal complaint, the SEC claimed that Binance US facilitated the trading of a variety of tokens identified as securities without the necessary permits. The assets in question include Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland ( MANNA), Algorand (ALGO), Axie Infinity Shards (AXS) and Coti (COTI).
The SEC’s allegations also extend to investment schemes run by the platform. Binance’s BNB Vault and Simple Earn programs, as well as a staking investment scheme, are accused of having operated outside of US regulatory oversight.
The allegations appear to point to a pivotal charge of intentional evasion of US supervision by Binance, a claim that could have significant implications for the cryptocurrency exchange’s operations within the country.
However, it is important to clarify the nature of these charges. The charges brought by the SEC, as well as by the Commodity Futures Trading Commission (CFTC), against Binance are civil, not criminal, in nature. This marks a difference from money laundering charges other exchanges like BitMEX have faced in previous cases.
The fallout from the allegations has yet to be fully realized, but this could mark a pivotal moment in the ongoing tug-of-war between cryptocurrency exchanges and regulatory bodies. As Binance grapples with these allegations, the cryptocurrency industry will no doubt be watching closely, aware that the outcome could have far-reaching implications for the future of digital asset trading in the United States.
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