According to a Reuters report, a federal judge in Washington, D.C., demanded that Binance, the world’s largest cryptocurrency exchange by trading volume, provide a robust defense for its motion to dismiss the case brought against it by the US Securities and Exchange Commission (SEC).
Binance seeks the dismissal of the lawsuit, which alleges rule-breaking and fraud, representing one of the exchange’s final significant legal challenges in the United States.
Allegations Of Manipulation And ‘Unregistered Securities’
As reported by Bitcoinist, the SEC, in June, accused Binance, its former CEO Changpeng Zhao, and Binance’s US arm of inflating trading volumes artificially, mismanaging customer funds, failing to restrict US customers from its platform, and misleading investors regarding its market surveillance controls.
Furthermore, the regulator asserted that Binance illicitly facilitated trading multiple crypto tokens classified as unregistered securities.
According to Reuters,
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