The SEC official argued that Binance US, the US arm of Binance, operates an unregistered securities exchange.
An official from the US Securities and Exchange Commission (SEC) made harsh comments about Binance US during Voyager Digital’s bankruptcy hearing.
During the hearing, the SEC official claimed that Binance US is an unregistered US securities exchange. In addition, the official argued that he believed the sale of VGX tokens owned by Voyager Digital violated federal securities laws.
Binance US Allegedly Being an Unregistered Securities Exchange
SEC Senior Litigation Attorney William Uptegrove made a shocking statement about Binance US.
At a bankruptcy hearing to determine whether Voyager would be sold to Binance US, Uptegrove responded to Judge Michael Wiles, who was in charge of the hearing. SEC official Uptegrove argued that Voyager’s native token, VGX, is a securities product and qualifies as an unregistered securities exchange of Binance US.
Also, Judge Wiles had a pretty tough exit to the SEC recently. Wiles stated that the SEC tried to undermine the case with empty sentences.
Uptegrove noted that the views of SEC staff do not necessarily reflect the views of the five commissioners at the head of the SEC. In this context, Uptegrove did not disclose whether the SEC has taken any enforcement action.
Binance US’s response to Uptegrove’s words was not delayed. A Binance US spokesperson said that these allegations involving SEC personnel are regrettable. A Binance US spokesperson said;
“Together with others in our industry, we are committed to constructive dialogue with regulators and to support a comprehensive regulatory framework drawn up and adopted by Congress to enable continued innovation in the United States.”
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