In the SEC-Binance lawsuit, the dates that Binance.US, the US arm of the exchange, must appear in court before they have to stop their trading, have been determined.
Binance must respond to SEC’s request to cease trading before this date
Earlier in the week, the US regulator SEC sued Binance, its subsidiaries and directors for violating securities laws. Shortly after that, the SEC requested a federal court to order Binance.US to cease trading.
Now, Binance.US has until June 12 to respond to court requests before it has to stop trading. ‘MetaLawMan’, a pro-XRP lawyer, reported that the hearing date will be June 13 at 5pm. These two dates will provide important clues to market players for the course of the SEC-Binance case.
The @Binance case is on the move.
The Defendants must respond to the SEC's Motion for a Temporary Restraining Order on Monday, June 12.
The hearing on the TRO will take place on June 13 at 2 pm.
I expect the judge will rule quickly, possibly at the conclusion of the hearing. https://t.co/29K7IFR7Jv
— MetaLawMan (@MetaLawMan) June 7, 2023
Meanwhile, in the face of this request from the SEC, over 250 trading pairs traded on Binance.US are in danger of delisting. We have included the full list in this article. Here are some of the biggest trading pairs:
- 1INCH/USDT
- AAVE/USDT
- ALICE/USDT
- ALPINE/USDT
- ANT/USDT
- APE/USDT
- API3/USDT
- ASTR/USDT
- AUDIO/USDT
- AXS/USDT
- HONEY/USDT
- BAND/USDT
- BAT/USDT
- BCH/USDT
- BICO/USDT
- BNT/USDT
- BOND/USDT
- CELO/USDT
- CELR/USDT
- CHZ/USDT
- MANA/USDT
- MKR/USDT
- NEO/USDT
- NMR/USDT
- OGN/USDT
- OMG/USDT
- ONT/USDT
June 13: A historic day for crypto
Meanwhile, another XRP lawyer, Bill Morgan, highlighted the importance of June 13 for the crypto industry. Also on this date, documents from former SEC official William Hinman’s 2018 speeches declaring that Bitcoin and Ethereum are not securities will be made public. In summary, June 13 will go down in history as the day of critical hearings in the SEC’s Binance and Ripple cases.
The Binance response to the motion of the SEC for temporary restraining orders is due on 12 June and the hearing on 13 June. A monumental day for crypto. The day the Hinman documents are to be released, the day the House Financial Service Committee discusses the future of /1 pic.twitter.com/a8amTNnlVG
— bill morgan (@Belisarius2020) June 8, 2023
SEC chairman Gary Gensler’s Binance ties revealed
In another hot development, Binance’s lawyers said that SEC chairman Gary Gensler sought to join the exchange as an advisor in 2019. According to a CNBC report, the exchange’s lawyers claimed that Gensler had once offered to serve as a consultant, adding another layer of complexity to the case.
Attorneys for Binance’s two law firms, Gibson Dunn and Latham & Watkins, allege that Gensler was in talks with Binance executives and CEO Changpeng Zhao in March 2019, based on documents submitted by the SEC on Wednesday. Also, Gensler met with Zhao later that same month in Japan, according to the filing.
BNB price melts
On the other hand, BNB price lost 5.6% last night. The developments in the case had a negative impact on the price of the exchange’s native token, BNB. Binance’s native token, BNB, lost nearly 6% for its holders overnight as its price dropped to $262. The negative momentum continues to show its effect towards the evening hours of 8 June. With this decline, BNB’s weekly depreciation exceeded 13%.
As you follow on Kriptokoin.com, the depreciation of BNB was based on the SEC’s superiority in the case. In recent developments, the SEC claimed that CEO CZ used $12 billion in client funds from Binance and Binance.US.
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