Binance and CEO Changpeng Zhao ask court to dismiss SEC suit
Binance CEO Changpeng “CZ” Zhao and his cryptocurrency exchange has filed a joint motion requesting the dismissal of the United States Securities and Exchange Commission (SEC) lawsuit against them.
According to a Sept. 21 filing to the United States District Court, both Binance Holdings and Zhao claimed that the financial regulatory had overstepped its authority in the lawsuit against them.
In the 60-page petition lawyers for Binance and Zhao accused the SEC of failing to introduce clear guidelines for the sector ahead of its lawsuit against the crypto exchange and as a result, had imposed its regulatory authority over the crypto sector retroactively.
“The SEC pursues these novel theories retroactively, seeking to impose liability for sales of crypto assets that occurred as far back as July 2017, before the SEC provided any public guidance concerning cryptocurrency.”
“It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws.”
Lawyers for Binance also asserted that the regulator fundamentally misinterprets securities laws and their application to crypto assets.
“In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws,” read the filing.
In addition to Binance and Zhao’s petition, the American outfit of the crypto exchange, Binance.US — legally known as BAM Trading Services Inc. — also moved to have the charges made against it dismissed in a seperate 56-page filing made on the same day.
Related: SEC sees temporary setback in request to access Binance.US software
The SEC sued Binance and its affiliates on June 5, pressing a series of charges that alleged Binance of offering the sale of unregistered securities and for operating illegally in the United States.
The SEC’s move against Binance came three months after the Commodity Futures Trading Commission (CFTC) also sued for Binance for failing to register with it and for breaking many of its guidelines.
Trading activity on Binance.US have been hit hard by the ongoing regulatory action against the exchange, with daily trading volumes slumping more than 98% from Sept. 2022. On Sept. 13 Binance.US laid off 30% of its remaining workforce, with its president and CEO Brian Shroder also departing the firm.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
Politics
Jess Phillips says there’s ‘no place’ where violence against women ‘doesn’t happen’ – as spiking to become new offence
Jess Phillips has said “there is no place” where violence against women and girls “doesn’t happen” – as a new law is set to make spiking a criminal offence.
Earlier on Friday, the government said spiking will now be its own offence with a possible 10-year prison sentence as part of the Crime and Policing Bill, which will be introduced in parliament next week.
It also announced a nationwide training programme to help workers spot and prevent attacks.
Speaking to Sky News correspondent Ashna Hurynag, the safeguarding minister said that while spiking is already illegal under existing laws, the new classification will simplify reporting the act for victims.
“Spiking is illegal – that isn’t in question, but what victims and campaigners who have tried to use the legislation as it currently is have told us is that it’s unclear,” Ms Phillips said.
Spiking will be made a criminal offence, carrying a sentence of up to 10 years. Pic: iStock
UK ‘was never safe’ for women
When asked if the UK is becoming a less safe place for women, the minister for safeguarding and violence against women and girls, said: “I don’t think it’s becoming less safe, if I’m being honest. I think it was never safe.”
Speaking about a rise in coverage, Ms Phillips said: “We have a real opportunity to use that, the sense of feeling [built by campaigners] in the country, to really push forward political change in this space.”
“The reality is that it doesn’t matter whether it’s the House of Commons or any pub in your local high street – there is no place where violence against women and girls doesn’t happen, I’m afraid,” she added.
Read more:
What are the symptoms of spiking?
What is methanol and how does it end up in drinks?
Spiking is when someone is given drugs or alcohol without them knowing or consenting, either by someone putting something in their drink or using a needle.
Police in England and Wales received 6,732 reports of spiking in the year up to April 2023 – with 957 of those relating to needle spiking.
London’s Metropolitan Police added that reports of spiking had increased by 13% in 2023, with 1,383 allegations.
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November 2024: If you got spiked would you report it?
As part of the nationwide training programme, a £250,000 government-funded scheme was started last week to teach staff how to spot warning signs of spiking crimes, prevent incidents and gather evidence.
It aims to train 10,000 staff at pubs, clubs and bars for free by April this year.
Read more from Sky News:
Apple removes advanced security tool over government row
Solicitors’ watchdog to probe business secretary claims
Alex Davies-Jones, minister for victims and violence against women and girls, said in a statement that “no one should feel afraid to go out at night” or “have to take extreme precautions to keep themselves safe when they do”.
“To perpetrators, my message is clear: spiking is vile and illegal and we will stop you,” he said. “To victims or those at risk, we want you to know: the law is on your side. Come forward and help us catch these criminals.”
Colin Mackie, founder of Spike Aware UK, also said the charity is “delighted with the steps being taken by the government to combat spiking”.
He added: “Spiking can happen anywhere, but these new initiatives are the first steps to making it socially unacceptable and we urge anyone that suspects or sees it happening, not to remain silent.”
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