The regulator accuses the cryptocurrency exchange Binance and its American division BAM Trading of defrauding investors and illegally trading 12 digital assets classified as unregistered securities: Solana (SOL), Cardano (ADA), Filecoin (FIL), Binance Coin (BNB), Binance USD (BUSD), Polygon (MATIC), Cosmos (ATOM), SandBox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS) and COTI (COTI).
The SEC alleges that Binance and BAM Trading actively marketed unregistered securities to investors and highlighted their potential investment returns without adequately disclosing the risks and legality of trading crypto assets on their international and U.S. platforms.
The world’s largest cryptocurrency platform misappropriated users’ funds, the regulator said, and “blatant disregard for the law allowed the defendants to enrich themselves by billions of dollars while putting investors’ assets at risk.”
This move goes against one of the regulator’s recent statements. In a late July filing with the courts, the SEC announced its intention to reduce the list of claims and abandon the classification of Solana (SOL), Cardano (ADA), Polygon (MATIC) “and their like” as securities.
Source: Bits
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