Today’s court hearing between Binance and the SEC has been postponed, according to a minute order published on January 19.
That order reads:
“It has just been announced that the courthouse will now be closed to in-person proceedings due to inclement weather. Accordingly, today’s hearing will be rescheduled to Monday, January 22, 2024 at 10:00 am.”
A separate report from Reuters shows that Binance is expected to argue for the dismissal of the SEC case at the upcoming hearing.
According to one of Reuters’ sources, Binance is not willing to settle out of court with the US Securities and Exchange Commission (SEC), as it has done with other US agencies. Binance may have to admit that certain cryptocurrencies mentioned in the case are securities subject to settlement with the SEC, the source said, and that this could impact the company’s business model.
Binance also believes it has strong arguments that SEC is going too far and that the regulator has not proven fraud, another source said.
SEC filed suit in June 2023
The SEC originally filed charges against Binance and its former CEO, Chagpeng Zhao, on June 5, 2023. At the time, the securities agency alleged that Binance operated unregistered exchanges, broker-dealers and clearing agencies and engaged in the unregistered offer and sale of securities.
It also alleged that the company was responsible for misrepresenting trading controls and oversight on its US platform, Binance.US.
The SEC filed similar charges against another exchange, Coinbase, just one day after charging Binance. During Coinbase’s latest hearing, a judge discussed the possibility of dismissing the case, but declined to rule from the court. She told each side to take this as a “compliment,” implying that each side’s argument had merit.
The SEC also filed similar charges against Kraken in November. That case has not yet progressed as far as the other two.
The post SEC v. Binance hearing was postponed until Monday and first appeared on CryptoSlate.