{"id":209360,"date":"2023-12-09T10:17:56","date_gmt":"2023-12-09T04:47:56","guid":{"rendered":"https:\/\/dripp.zone\/news\/sec-wants-to-continue-its-binance-case-irrespective-of-doj-investigation-crypto-news\/"},"modified":"2023-12-09T10:17:58","modified_gmt":"2023-12-09T04:47:58","slug":"sec-wants-to-continue-its-binance-case-irrespective-of-doj-investigation-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-wants-to-continue-its-binance-case-irrespective-of-doj-investigation-crypto-news\/","title":{"rendered":"SEC Wants to Continue Its Binance Case Irrespective of DoJ Investigation – Crypto News"},"content":{"rendered":"

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The U.S. Securities and Exchange Commission (SEC) contends that Binance Holdings Ltd.\u2019s recent $4.3 billion settlement with the Justice Department and other US authorities strengthens the SEC\u2019s own case against the world\u2019s largest cryptocurrency exchange.<\/p>\n

SEC Wants to Continue With Its Binance Case<\/h3>\n

Despite not being part of the settlement, the SEC argued<\/a> on Friday that the federal court in Washington hearing its case should consider admissions made by Binance and its former CEO, Changpeng Zhao, in the November 21 settlement.<\/p>\n

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Binance and Zhao have requested the court to dismiss the SEC\u2019s lawsuit. The SEC\u2019s lawsuit, filed in June, accuses Binance and Zhao of mishandling customer funds, providing misleading information to investors and regulators, and violating securities rules.<\/p>\n

Furthermore, the SEC countered Binance\u2019s plea<\/a> stating that it lacks legal substance. The SEC is challenging Binance\u2019s motion to dismiss, claiming that the exchange\u2019s defense is based on misinterpretations of the law.<\/p>\n

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According to the SEC, Binance\u2019s argument poses a threat to long-established precedents crucial for the operation of the nation\u2019s securities laws. They contend that Binance\u2019s approach suggests a rigid framework that is incompatible with the existing legal system.<\/p>\n

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US Judge Wants CZ to Stay in the US<\/h3>\n

After former Binance CEO Changpeng Zhao (CZ) entered a guilty plea, U.S. District Judge Richard Jones ruled on December 7, 2023, that CZ must remain in the United States<\/a> until sentencing, as per a court filing.<\/p>\n

The judge has barred Changpeng Zhao from returning to his residence in the United Arab Emirates until the completion of the sentencing for a felony crime in the U.S. As part of the plea deal, Zhao, who resigned as Binance\u2019s CEO, potentially faces up to 10 years in prison but is anticipated to receive a maximum sentence of 18 months.<\/p>\n

Additionally, he agreed to a $50 million fine. The recent ruling on Thursday overturned a previous decision by a U.S. magistrate judge that had permitted Zhao to return to the United Arab Emirates.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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