u.today
The US Securities and Exchange Commission (SEC) has alleged that a slew of popular cryptocurrencies, including Cardano (ADA), Solana (SOL), and Polygon (MATIC), are unregistered securities in a lawsuit against the world's largest crypto exchange Binance and its CEO Changpeng Zhao (CZ).
Notably, the lawsuit also identifies Binance's proprietary tokens, BNB and BUSD, as securities, amplifying the gravity of the situation.
The extensive list of crypto asset securities, as detailed in the suit, includes, among others, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.
Additionally, the lawsuit points out that Binance has listed for trade crypto assets that have previously been the subject of SEC enforcement actions, including AMP, REP, UST, and TRX tokens, thus indicating a pattern of potentially reckless disregard for securities regulations.
Notably, Ethereum (ETH) and Litecoin (LTC) are not on the list. SEC Chair Gary Gensler previously clarified that viewed Bitcoin (BTC), the flagship cryptocurrency, as a commodity but suggested that the majority of existing tokens are unregisterd securities.
As reported by U.Today, the SEC sued Binance, the world's largest crypto exchange, and its CEO for alleged violations of U.S. securities laws. The lawsuit accuses the crypto behemoth of offering unregistered securities trading platforms and engaging in unregistered crypto asset securities sales. It further alleges that Binance secretly controlled U.S. operations, enabling high-value U.S. customers to evade restrictions, and improperly commingled and diverted billions of dollars in customer funds.