SEC Amends Complaint Against Binance, Drops SOL, ADA, MATIC Securities Claim in Filing

Jul 30, 2024, 10:21 AM

The U.S. Securities and Exchange Commission (SEC) has moved to amend its complaint against Binance, Binance US, and former CEO Changpeng Zhao. In the amended complaint, the SEC no longer seeks to classify tokens such as Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities. This decision obviates the need for the court to rule on the sufficiency of the allegations regarding these tokens. Previously, the SEC had labeled these and other tokens as securities in its lawsuit against Binance. The SEC's move, outlined in a recent filing, is seen as a significant development in the ongoing legal battle with the cryptocurrency exchange. The amendment also aims to redefine 'third-party crypto asset securities'.