Binance used ‘tortured’ interpretation of law in bid to toss suit, says SEC

The SEC has asked the court to reject Binance’s motion to dismiss the lawsuit against it, claiming the exchange’s legal interpretations are “tortured” and “absurd.”

The SEC derided Binance’s request to have the regulator’s suit thrown out, claiming the crypto exchange hasn’t correctly applied the law.Binance’s arguments used in its motion to dismiss a lawsuit from the United States securities regulator relies on an incorrect legal analysis and have no basis in law, the regulator has argued.in June alleging it, Binance.US and its founder Changpeng “CZ” Zhao sold unregistered securities and failed to register as an exchange in the United States.

In its latest rebuttal, the SEC claimed Binance “never complied” with federal securities laws which was “a deliberate choice.” It added Binance’s arguments that compared crypto to “supermarket items like oranges are absurd” and claimed the crypto exchange’s crypto sales are investment contracts under the) initial coin offering violated securities laws and Binance USD along with the yield-bearing staking, Vault and Earn programs are investment contracts.

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