Binance Asks to Ax SEC Claims, Says Crypto Sales Not Securities

The SEC failed to adequately plead claims that the Binance.US cryptocurrency exchange violated securities laws by failing to register as an exchange, broker, and clearing agency, according to the two companies that operate the platform.

Sales of digital assets on the secondary market, from one purchaser to another, don’t meet the criteria for securities transactions, BAM Trading Services Inc. and BAM Management US Holdings Inc. said in a filing Monday in the US District Court for the District of Columbia. Instead, crypto tokens are commodities, and the BAM companies aren’t required to register with the Securities and Exchange Commission, they ...