Binance and the US Securities and Exchange Commission (SEC) met before a judge in the USA the other day.
During the hearing, the judge told both parties that the like BNB and BUSD cryptocurrencies according to SEC criteria whether it is a security or not asked.
The SEC filed a lawsuit against Binance in June for lying to customers, not restricting US customers’ access to the exchange, and operating as an unregistered exchange.
SEC claims Binance advertised its own activities, Cryptocurrencies like BNB customers who invest to provide returns He claimed he was waiting. Binance lawyers are Every business advertises itself He argued against this.
SEC lawyers argue that the Howey test used to determine whether an asset is a security it is open He claimed.
Issued by Binance as well as BNB BUSD stablecoin also is a security, the stock market uses it as a “package” on the assets he sold as a company and which investors held in the stock market thanks to him. able to generate income specified.
A court in the US ruled against the SEC in its lawsuit against Terraform Labs. Investment contract of Terra’s stablecoin UST He decided that it was. The SEC is trying to use this precedent against Binance as well.