Binance, Binance.
US, and BAM Trading Services Inc. file a motion to dismiss the SEC lawsuit accusing them of securities fraud.
They argue that the SEC exceeded its regulatory jurisdiction by filing the lawsuit against them.
The SEC sued them because they listed unregistered securities in the form of various cryptocurrencies for trading and investment by U.S. investors.
Daily trading volumes on the platform have plunged 98% since September 2022.
Binance has laid off 30% of its workforce and saw its president and CEO, Brian Shroder, depart the company.
Binance claims the SEC is overreaching in its pursuit of regulatory control over the crypto sector.
SEC Overreaching to Regulate Crypto Both Binance and Zhao contend that Congress has considered numerous proposals since 2019 to establish a comprehensive framework for cryptocurrencies and their trading platforms.
None of these proposals would grant exclusive regulatory authority over the industry to the SEC.
In a separate 56-page filing on the same day, another company, B
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