Binance wins a victory in court

[NikeFit_7777]

A U.S. court has ruled in favor of Binance on a number of key charges brought by the Securities and Exchange Commission (SEC).

The gist of the court's findings:

- Cryptocurrency tokens are not securities. 🪙
- The sale of BNB on secondary markets cannot be classified as an offering of securities.
- BUSD, a stablecoin pegged to the US dollar, is also not a security.

This landmark decision is a significant step forward for the cryptocurrency industry.

It:

- Confirms the legitimacy of cryptocurrencies as assets.
- Removes obstacles to further market development.
- Gives Binance a break in its standoff with the SEC.

News link: https://www.binance.com/en/blog/regulation/us-federal-judge-rejects-main-claims-by-sec-against-binance-6713897865359416262

[bee]

The sale of BNB on secondary markets cannot be classified as an offering of securities.

Binance has 2 versions of the coin, and what I understand is that their first version of the coin (beacon chain) was a binance's securities coin as a default type wherever it was offered.

[Husires]

It is a good victory, but the SEC was able to actually stop BUSD and harm Binance’s trading in the United States. Therefore, all exchanges will think seriously when the SEC directs any accusation against them, because judicial procedures take time, while some SEC legislation is implemented in less than 3 months.

[joniboini]

It is a good victory, but the SEC was able to actually stop BUSD and harm Binance’s trading in the United States.

I believe the issue of BUSD as a stablecoin and Binance offering security is a different case. I doubt they will let Binance or other companies print USD tokens as easily, whether they lose a case or not. So yeah, I do think this victory is good for Binance, but not necessarily for their stablecoin business. Personally, I don't mind it though. I'm uncomfortable using a stablecoin token that can't be verified by the public. CMIIW.

[MrSpasybo]

I believe the issue of BUSD as a stablecoin and Binance offering security is a different case. I doubt they will let Binance or other companies print USD tokens as easily, whether they lose a case or not. So yeah, I do think this victory is good for Binance, but not necessarily for their stablecoin business. Personally, I don't mind it though. I'm uncomfortable using a stablecoin token that can't be verified by the public. CMIIW.

BUSD is a Paxos product, and the SEC has also dropped its lawsuit against Paxos related to BUSD. This means that BUSD can continue to exist, but it is unfortunate that BUSD will no longer have the great opportunity to explode in the market as it did during the period when it was backed by Binance.

Congratulations to Binance for winning and protecting the BNB token in the BNB chain ecosystem. The SEC has recently lost many important lawsuits, and I think they have had enough experience to be more careful when they want to attack this crypto market, as crypto companies not only have professional legal teams but also have a lot of money to fight the SEC in court.

[KingsDen]

Congratulations to Binance for winning and protecting the BNB token in the BNB chain ecosystem. The SEC has recently lost many important lawsuits, and I think they have had enough experience to be more careful when they want to attack this crypto market, as crypto companies not only have professional legal teams but also have a lot of money to fight the SEC in court.

I haven't seen Binance win recently after the sentence of CZ. Although, this suit has lasted for long, nice that it goes the way of Binance and maybe SEC will have to go ensure they know the obvious difference between token and securities before they strike anyone again.

[Husires]

It is a good victory, but the SEC was able to actually stop BUSD and harm Binance’s trading in the United States.

I believe the issue of BUSD as a stablecoin and Binance offering security is a different case. I doubt they will let Binance or other companies print USD tokens as easily, whether they lose a case or not. So yeah, I do think this victory is good for Binance, but not necessarily for their stablecoin business. Personally, I don't mind it though. I'm uncomfortable using a stablecoin token that can't be verified by the public. CMIIW.

Both USDT and USDC can work easily which means the problem was with Paxos and its lack of compliance with regulatory restrictions.
Binance suggested another stablecoin as an alternative, First Digital USD (FDUSD), so they did not leave the stablecoin market, but I think everyone would prefer USDT and USDC instead of FDUSD, unless the fees were cheaper.