Crypto exchange Binance’s legal defense against the U.S. Securities and Exchange Commission (SEC) has reportedly been delayed due to heavy snowfall.
According to a new report by Reuters, Binance’s legal defense against the regulatory agency, which was originally slated for today, has been pushed back until January 22.
Binance’s legal defense largely hinges on challenging the SEC’s authority to oversee the digital assets industry, according to the report. Furthermore, Binance says the regulatory agency never made the case that the crypto firm ever committed fraud.
In June 2023, the regulator accused Binance and its former chief executive, Changpeng Zhao, of selling unregistered securities, misleading investors about its security protocols, and diverting customer funds.
At the time, the SEC said that Binance and Zhao had a “blatant disregard” for securities laws and enriched themselves with billions of dollars while customer funds were at “significant risk.”
Furthermore, the SEC accused Binance of manipulative trading practices – such as depriving investors of key information – and having insufficient surveillance over its platform.
Previously, Rostin Behnam, the Chair of the Commodities Futures Trade Commission (CTFC), said that Zhao is going to spend time in prison for his crimes. According to Behnam, Zhao will be hit both criminally and civilly to send a message.
In November 2023, Zhao also pled guilty to charges of failing to maintain adequate anti-money laundering protocols by the Department of Justice (DOJ), at the time agreeing to step down as Binance’s CEO while the firm itself agreed to pay a massive $4.3 billion fine.
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