District of Columbia Circuit Court Judge Amy Berman Jackson partially dismissed the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, but most of the charges will be considered.
She granted the exchange's request regarding the removal of the regulator's claims regarding the secondary sales of the BNB token, the BUSD stablecoin offer, as well as the Simple Earn product.
The SEC's review of allegations regarding the ICO and subsequent sales by the BNB platform, the BNB Vault program, refusal to register and non-compliance with anti-fraud rules will continue. The same applies to the staking service on Binance.US .
The accusations against the ex-head of Binance, Changpeng Zhao, that he, as a controlling person, committed violations of the Law on Exchanges, remained in the case.
The Commission filed a lawsuit against the defendants in June 2023. The regulator has put forward claims on 13 points in total.
In ruling on the secondary sales of BNB, Jackson referred to Judge Analisa Torres' 2023 ruling in the SEC case against Ripple Labs.
FOX Business reporter Elinor Terrett admitted that this would help lawyers for Coinbase, Kraken and ConsenSys strengthen their positions in litigation with the regulator.
You can fully expect @coinbase, @krakenfx and @Consensys lawyers to use this opinion to bolster their positions in their own litigations.
And the @SECGov lawyers can no longer argue that the @Ripple ruling was merely an outlier that no other judges agree with. https://t.co/xC4VOtJvOX
In her opinion, SEC representatives will no longer be able to argue that Torres' decision was an exception that no other judge supported.
Recall that in November 2023, Binance settled the claims of the US Department of Justice regarding violations of the sanctions regime and money laundering, agreeing to pay $ 4.3 billion. Zhao's personal fine amounted to $50 million.
At the time of writing, the founder of the exchange is serving a four-month prison sentence following a verdict handed down in April.