Crypto exchange Binance’s legal defense against the US Securities and Exchange Commission (SEC) has reportedly been postponed due to heavy snowfall.
According to a new report from Reuters, Binance’s legal defense against the regulator, originally scheduled for today, has been postponed until January 22.
Binance’s legal defense depends largely on challenging the SEC’s authority to oversee the digital assets industry, the report said. Furthermore, Binance says the regulator has never alleged that the crypto company ever committed fraud.
In June 2023, the regulator accused Binance and its former CEO, Changpeng Zhao, of selling unregistered securities, misleading investors about its security protocols and diverting customer funds.
At the time, the SEC said Binance and Zhao had a “blatant disregard” for securities laws and enriched themselves by billions of dollars while putting customer funds at “significant risk.”
Additionally, the SEC accused Binance of manipulative trading practices – such as depriving investors of important information – and having inadequate oversight of its platform.
Earlier, Rostin Behnam, chairman of the Commodities Futures Trade Commission (CTFC), said Zhao will spend time in prison for his crimes. According to Behnam, Zhao will be hit both criminally and civilly for sending a message.
In November 2023, Zhao also pleaded guilty to failing to comply with adequate anti-money laundering protocols by the Department of Justice (DOJ), agreeing at the time to step down as CEO of Binance, while the company itself agreed to pay a huge $ 4.3 billion to be paid. fine.
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Featured image: Shutterstock/Hui L/WhiteBarbie
