On September 17, CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) filed proposed amended complaints against Binance on Thursday, focusing on Binance's token listing process. In its proposed filings, the SEC highlighted two issues, BNB secondary sales and Binance Simple Earn, alleging Binance's actions as an unregistered securities provider.

The SEC's filings emphasize the SEC's allegation that BNB is a token issued and sold as a security. According to the filings, "BNB as an exchange platform token" was offered and sold, promoted to investors, and touted to investors the potential return through platform growth leading to demand and price for BNB. "The SEC said Binance's BNB burn and its support for using BNB in its products were also designed to help the token appreciate in value. The SEC said Binance paid BNB fees to U.S.-based employees, including those at BAM Trading (Binance.US). The filings also include similar, additional details about Binance Simple Earn and 10 digital assets (SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI) that were allegedly sold as unregistered securities on the Binance platform.