The Securities and Exchange Commission (SEC) is closely monitoring several cryptocurrencies including Solana, Polygon, and Cardano as part of its legal case against Binance.
Binance, along with its CEO, Changpeng Zhao, is facing 13 charges. These charges include allegations of commingling customers’ funds and attempting to circumvent U.S. securities laws through the use of ‘sham controls’ to determine business relationships with the company.
Our response to the SEC's complaint.https://t.co/mgXxGTKr67
— Binance (@binance) June 5, 2023
In addition to the charges against Binance, the SEC has stated that cryptocurrencies like Solana, Polygon, Cardano, and others listed on the exchange are considered securities according to their lawsuit. These cryptocurrencies hold significant market value, with multi-billion dollar market caps, while some of them are associated with emerging gaming-focused projects.
The coins in question include:
- Binance’s BNB token
- Binance exchange’s stablecoin, BUSD,
- Solana (SOL)
- Cardano (ADA)
- Polygon (MATIC)
- Filecoin (FIL)
- Cosmos Hub (ATOM)
- The Sandbox (SAND)
- Decentraland (MANA)
- Algorand (ALGO)
- Axie Infinity (AXS)
- COTI (COTI)
Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H
— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023
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