SEC wants Binance guilt admission added to own case
Binance said the SEC hasn’t demonstrated that the resolutions reached with the DOJ are pertinent to the regulator’s “faulty claims” against Binance Holdings and former CEO Changpeng Zhao.
Binance Holdings and its former CEO, Changpeng Zhao, have reacted to a move by the United States Securities and Exchange Commission (SEC) to include Binance’s admission of guilt to the Department of Justice (DOJ) in its own legal proceedings.
In a Dec. 12 filing submitted to the U.S. District Court for the District of Columbia, Binance insisted the SEC’s attempt to include the $4.3 billion guilty plea and settlement agreement with the DOJ in the continuing case was procedurally incorrect and should not be allowed.
The ongoing Binance-SEC legal case began on June 5, 2023, when the agency accused the company of 13 securities law violations, including that Zhao and Binance managed customer assets on Binance.US and mixed or redirected customer assets.
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Author: Amaka Nwaokocha
