Binance takes action against SEC

The SEC is accusing Binance of unauthorized securities trading. The crypto exchange now wants to avert a lawsuit. The authority is said to have exceeded its authority.

Binance rejects SEC allegations of unauthorized securities trading. The crypto exchange filed a motion to dismiss in a U.S. court.

Binance alleges that the agency exceeded authority. In addition, the SEC allegedly failed to draft appropriate regulations early on.

Guidelines are now being applied retrospectively to the crypto sector, as stated in the petition. "The SEC is applying these new theories retroactively and attempting to impose liability for crypto asset sales that occurred as early as July 2017, before the SEC issued any public guidance on cryptocurrencies."

According to the statement, the SEC's action "has no basis in the securities laws currently in effect."

"In an effort to claim regulatory power over the crypto industry, the SEC is twisting the text of the securities laws," Binance said.

The SEC had in June issued a indictment filed Against Binance.