SEC Amends Complaint Against Binance, Focusing on Token Listing Process

CoinDesk reported on September 17th that the U.S. Securities and Exchange Commission (SEC) filed an amended complaint against Binance on Thursday, focusing on the platform's token listing process. The SEC highlights two key issues in its proposed document: BNB secondary sales and Binance Simple Earn, accusing Binance of operating as an unregistered securities provider.

The SEC filing underscores the allegation that "BNB was issued and sold as a security." The document asserts that "BNB, as an exchange platform token," was offered and sold, marketed to investors, and touted as offering potential returns through platform growth that would drive BNB demand and price appreciation.

The SEC argues that Binance's BNB burn and its support for projects utilizing BNB were also designed to enhance the token's value. The SEC claims that Binance paid BNB fees to U.S. employees, including executives at BAM Trading (Binance.US).

The document also details similar allegations regarding Binance Simple Earn and 10 digital assets (SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI), which were allegedly sold as unregistered securities on the Binance platform.