Binance seeks clarification on investment contract allegations, files new filing to dismiss SEC lawsuit

Odaily News Regarding the lawsuit filed by the US SEC, Binance and its founder CZ refuted the arguments surrounding the investment contract. Binance said in a filing on Tuesday that the SECs lawsuit focuses on transactions by customers who clicked on the website, purchased tokens from other anonymous token owners, and then logged out. Binance added: “In none of the transactions at issue was there a contract with the promoter to invest the funds in a common enterprise.” And the SEC ignored the fact that it must determine the existence of an “investment contract” on a per-transaction basis. Require. BAM Trading and BAM Management, the entities that operate Binance.US, also said in a filing on Tuesday that the SEC’s accusation that digital asset trading on the BAM platform constituted an investment contract was insufficient. The two filings come as Binance is still trying to dismiss a lawsuit filed by the SEC in June this year. (The Block) Earlier today, it was reported that Binance submitted documents to the U.S. District Court for the District of Columbia, which stated that Binance had previously reached a settlement agreement with the U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN), an agency under the Department of the Treasury. It is not substantively related to the SEC’s accusation against Binance, and the SEC’s supplementary brief does not present new valid evidence in this case.