Binance submits new documents to dismiss the SEC lawsuit

ChainCatcher news, according to The Block, Binance stated in a filing submitted on Tuesday that the U.S. Securities and Exchange Commission's complaint primarily targets the click-through website, purchasing tokens from other anonymous token holders, and then canceling transactions made by customers. However, there are no contracts signed with the initiators for investing funds in a joint venture in any of the disputed transactions. The U.S. Securities and Exchange Commission has overlooked the requirement that the existence of an "investment contract" must be determined based on each transaction.

The entities operating Binance.US, BAM Trading and BAM Management, also stated in a filing on Tuesday that the SEC's allegations that digital asset transactions on the BAM platform constitute investment contracts are insufficient.

Previously, the U.S. Securities and Exchange Commission filed a lawsuit against Binance and its founder Changpeng Zhao in June this year, alleging that the cryptocurrency exchange platform transferred funds to another investment fund owned by Zhao without informing customers.