Binance Moves to Dismiss SEC Lawsuit, Arguing Regulator Hasn’t Met Legal Requirements to Sue

Binance also pushed back against the SEC adding the exchange’s guilty plea with the DOJ and consent order with FinCEN, or Zhao’s own DOJ plea, in the ongoing case.

The SEC argued that the settlements showed that Binance was well aware it was operating in the U.S., serving U.S. customers and otherwise tapping infrastructure within the U.S. for transactions.

“Zhao’s and Binance’s plea agreements and the Consent Order provide further grounds for this Court to deny the Joint Motion to Dismiss,” the SEC said.

In another Tuesday filing, Binance argued that securities laws wouldn’t apply like the Bank Secrecy Act or International Emergency Economic Powers Act (two laws governing the charges Binance and Zhao settled) did.

“Jurisdictional admissions under the BSA do not bring any of the SEC’s claims within the reach of the securities laws,” Binance and Zhao claimed. The filing also argued that the settlements and consent order didn’t implicate securities laws.

Source: Binance Moves to Dismiss SEC Lawsuit, Arguing Regulator Hasn’t Met Legal Requirements to Sue