Binance’s Legal Defense Against US Securities Regulator Pushed Back to Next Week Due to Snow: Report

Binance, the popular cryptocurrency exchange, has experienced a delay in its legal defense against the US Securities and Exchange Commission (SEC) due to heavy snowfall. Originally scheduled for today, the defense has been rescheduled for January 22, according to a report by Reuters. Binance’s defense strategy centers around challenging the SEC’s authority to regulate the digital assets industry and arguing that the regulatory agency has not provided evidence of fraud committed by the crypto firm. In June 2023, the SEC accused Binance and its former CEO, Changpeng Zhao, of selling unregistered securities, misleading investors, and diverting customer funds. The SEC alleged that Binance and Zhao demonstrated a disregard for securities laws and profited greatly while putting customer funds at risk. Additionally, Binance was accused of engaging in manipulative trading practices and lacking sufficient surveillance on its platform. Rostin Behnam, Chairman of the Commodities Futures Trade Commission, previously stated that Zhao would face criminal and civil penalties for his actions. In November 2023, Zhao pleaded guilty to failing to maintain adequate anti-money laundering protocols, resulting in him stepping down as Binance’s CEO and the company agreeing to a substantial $4.3 billion fine.