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SEC expands lawsuit against Binance; labels SAND and MANA as securities
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Sep 17, 2024
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Sep 17, 2024

SEC expands lawsuit against Binance; labels SAND and MANA as securities

Regulation/policy

  • The SEC has amended its lawsuit against Binance, expanding the list of digital assets it alleges are securities to include Decentraland (MANA), The Sandbox (SAND), Filecoin (FIL), Cosmos (ATOM), and Axie Infinity's Shards (AXS).

  • The agency maintains its charges against Binance for offering securities without the required license, including BNB and BUSD tokens, alleging "blatant disregard of federal securities laws."

  • The SEC has removed the term "crypto asset securities" from its lawsuit, acknowledging that it caused confusion, and expressed regret for any misunderstanding it may have caused.

  • The amended complaint cites specific examples, such as Filecoin's developer, Protocol Labs, accusing it of violating securities laws based on public statements and documents suggesting profit expectations from the token.

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