I will try to summarize as much as possible, what is a very long story that has lasted since almost the beginning of 2023 and has not yet ended. I apologize in advance if I have omitted some information, but I prefer to summarize so as not to take up too much of your precious time.
Thank you very much for your understanding
Let's start from the beginning
In March 2023, the Commodity Futures Trading Commission (CFTC) sued Binance for failing to register with the agency and failing to comply with many of its directives.
June 5, 2023 the SEC sued Binance and its affiliates alleging that Binance was selling unregistered securities and operating illegally in the United States.
Having said that, let's go back to the present day.
On September 21, Binance Holdings and its US counterpart filed a motion to dismiss the SEC's lawsuit against them, accusing the SEC of exceeding its powers and failing to establish clear guidelines to follow.
“The SEC is pursuing these new theories retroactively, seeking to assign responsibility for crypto asset sales that occurred as early as July 2017, before the SEC provided any public guidance on cryptocurrencies. It is clear that the SEC's lawsuit has no basis in current securities laws.” quotes part of the motion.
Regardless of who will be the winner, the damage suffered by Binance.us is incalculable considering the dismissal of 30% of its employees including the CEO and president, in addition to the daily trading volumes declining by 98% since September 2022.
Other news circulating in the main crypto newspapers in recent days, including CoinDesk, concerned the possibility that Binance would remove stablecoins from the exchange for the European market.
In response, Changpeng Zhao intervened, stating that the Binance executive's statement had been taken out of context. He further added that the platform has “some partners who are launching EUR and other stablecoins in a fully compliant manner.”
However, Binance admitted that the upcoming MiCA regulations would require all EU exchanges to delist stablecoins whose issuers do not hold EMI (Electronic Money Institution) licenses.
Therefore, the situation is extremely delicate and almost every day there is new bombshell news on the matter, such as a TV series on Netflix.
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