The six wildest allegations the SEC is making against Binance

The six wildest allegations the SEC is making against Binance
https://www.marketwatch.com/story/the-six-wildest-allegations-the-sec-is-making-against-binance-b2551a63?mod=home-page

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Summary
The Securities and Exchange Commission (SEC) has charged Binance, one of the world's largest cryptocurrency exchanges, with operating an unregistered securities exchange and failing to register as a broker-dealer. The SEC alleges that Binance violated the antifraud and registration provisions of the federal securities laws.

The SEC's complaint alleges that Binance engaged in a number of activities that constitute operating an unregistered securities exchange, including:

• Issuing tokens that are securities without registering them with the SEC.
• Selling tokens to U.S. investors without registering as a broker-dealer.
• Failing to have adequate measures in place to prevent U.S. investors from trading on its platform.

The SEC's complaint also alleges that Binance failed to register as a broker-dealer, which is required for any entity that engages in the business of effecting securities transactions for the account of others.

The SEC's charges against Binance are significant because they could have a major impact on the cryptocurrency industry. If the SEC is successful in its case, it could force Binance to shut down its U.S. operations or face significant fines. The case could also lead to increased scrutiny of other cryptocurrency exchanges by the SEC.

The SEC's charges against Binance are still pending, and Binance has denied the allegations. The case is likely to have a major impact on the cryptocurrency industry, and it is worth watching closely to see how it unfolds.

Here are some additional details from the article:

• The SEC alleges that Binance raised $1.8 billion through the sale of its BNB token in an initial coin offering (ICO) in 2017. The SEC says that the BNB token is a security because it is an investment contract.
• The SEC also alleges that Binance allowed U.S. investors to trade on its platform without verifying their identity or citizenship.
• Binance has denied the allegations and said that it will "vigorously defend" itself against the SEC's charges.
• The case is still pending, and it is unclear how it will be resolved.

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Comment
It seems that the SEC's attack on the Binance exchange is fierce. This is probably an attack not just on Binance, but on cryptocurrency as a whole.

Some people also raise the possibility that the SEC has targeted the cryptocurrency market as a liquidity window for short-term government bonds issued as a result of the Debt Ceiling.

As these attacks continue, cryptocurrency participants must do their best to survive in the fight against vested interests by paying attention to fud and showing a more united appearance.