SEC proposes stricter scrutiny of Binance’s coin listing process in proposed amended complaint

Mars Finance News, September 17, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) submitted a proposed revised complaint against Binance on Thursday, focusing on Binance's token listing process. The SEC focused on two issues in its proposed filing, BNB secondary sales and Binance Simple Earn, accusing Binance of acting as an unregistered securities provider.

The filing with the U.S. Securities and Exchange Commission (SEC) highlights the allegation that "BNB is a token issued and sold as a security." According to the filing, "BNB was offered and sold as a trading platform token, promoted to investors, and advertised as a potential return to investors through BNB demand and price generated by platform growth." The SEC said Binance's BNB destruction and its support for projects using BNB were also intended to help the token increase in value. The SEC said Binance paid BNB fees to U.S. employees, including executives of BAM Trading (Binance.US). The filing also involves similar additional details on 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.