In a recent court filing, Binance, Binance.US, and CEO Changpeng “CZ” Zhao have formally asked for the dismissal of the United States Securities and Exchange Commission (SEC) lawsuit filed against them.
“The SEC’s claims against BHL and Mr. Zhao fail as a matter of law,” the filing stated.
Binance Wants To Wipe All Allegations Away In Lawsuit
According to a recent court filing, Binance, Binance.US, along with its CEO Changpeng “CZ” Zhao, have filed a request to dismiss all the counts in the lawsuit brought against them by the SEC.
The filing contends that no harm was inflicted upon investors:
“Significantly, the SEC does not claim that BHL or Mr. Zhao committed any fraud or harmed a single investor.”
Furthermore, it contends that the lawsuit’s validity should be questioned due to the SEC’s uncertainty regarding what qualifies as a security:
“If there is any doubt that the SEC’s novel spin on the meaning of “investment contract” is wrong, then the major-questions doctrine resolves that doubt against the SEC.”
This is a developing story and more information will be added as it becomes available.
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