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📜 Sec sues Binance, Citing violations of U.S. securities laws

The U.S. Securities and Exchange Commission (SEC) is pointing fingers at Binance, accusing them of not playing by the federal securities laws. In layman's terms, Binance allegedly entices U.S. investors to trade crypto on their platforms without proper authorization. The plot thickens as they're also accused of false claims about their platforms' security measures. Makes you wonder, doesn't it, about how transparent Binance has been with its users?

Now, the accusations get juicier. Binance and its subsidiary, BAM Trading, have reportedly been playing fast and loose, operating as an exchange, broker-dealer, and clearing agency without registration. They're also said to have conducted unregistered offers of their own ‘cryptocurrency’ assets, keeping their investors in the dark about it all. Binance is denying the claims and promising to fight back, but the SEC is pressing for a permanent injunction, disgorgement of profits, and civil penalties. It's quite a soap opera, isn't it? Guess we'll have to stay tuned to see how this drama unfolds.

Source: BM

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