![]() The difference between the Binance entities delivering those services to investors and those in the securities industry is regulation and oversight. ![]() Those include trading crypto assets like a stock exchange, buying and selling those assets like a broker-dealer and transferring those assets like a securities transfer agent. and BAM Management US Holdings Inc., two entities recently created by Changpeng Zhao, generally called CZ, the control person of all entity Defendants.Ĭollectively, the Binance named entities deliver a wide variety of well-known securities type services. Named as defendants are: Holdings, one of a number of entities using the well-known Binance name, a group includes and Binance.US Platform - crypto trading platforms BAM Trading Services Inc. Binance Holdings Limited, Civil Action No. Some got profits others got losses.Ī new case filed by the SEC might be seen as a kind of “pulling the rug” off at least some segments of the industry and its claim that the rules are not clear, SEC v. The mystery, the romance, the fun and the profits attracted millions of investors who put their money down and took a chance in a wild west atmosphere. New lingo did, however, give the products an air of mystery as the public scrambled to understand what the new terms meant while watching prices spike up and down with huge profits being made one minute and equally large losses being generated the next. While the terms sounded good, none of these new terms were actually tied to products that even began to approach the kind of information investors typically obtain from an SEC registration statement or filing to guide their investments. From the beginning many of those involved in the crypto industry worked to develop their own names for items such as “white paper” for what securities regulators might call a prospectus or registration statement, a “smart contract” for a stand form agreement and “blockchain” for what is actually a digital excel spreadsheet and so on. Since crypto assets launched with the claim of being off the grid, one of the constant refrains has been that “the rules” defining what is a security and what is not are not clear.
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