SEC Revises Binance Lawsuit, Avoids Court Ruling on Crypto Securities

The U.S. SEC is amending its lawsuit against Binance, Binance.US, and co-founder Changpeng Zhao, specifically regarding third-party crypto asset securities.

The SEC intends to modify its complaint without needing a court ruling on the status of certain crypto tokens, following a decision that BNB and secondary sales of BUSD are not securities.

Both parties have agreed to a 30-day schedule for submitting these amendments and related documents.

This update offers partial relief for crypto assets such as Solana (SOL), Cardano (ADA), and Polygon (MATIC), initially included in the SEC’s complaint. Other tokens involved are FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

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Binance claims the SEC’s amendment proposal was disclosed late, suggesting broader changes.

Binance is hesitant to agree to the discovery process without first reviewing the new complaint. Jeremy M. Christiansen has filed to represent Binance Holdings in this lawsuit.

Alexander Stefanov