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SEC has identified 12 cryptocurrencies as securities in the Binance case

The U.S. Securities and Exchange Commission (SEC) is investigating the popular cryptocurrency trading platform Binance, and has now identified 12 cryptocurrencies as securities. These tokens were discovered during an investigation into Binance’s alleged practices in marketing and selling unregistered securities.

The U.S. Securities and Exchange Commission (SEC) claims that there are 12 cryptocurrencies considered securities in a lawsuit filed on Monday against the cryptocurrency exchange Binance and its CEO Changpeng Zhao (CZ). The lawsuit also names Bam Trading Services, the company operating the Binance.US cryptocurrency trading platform, and its parent company Bam Management US Holdings as defendants. According to the lawsuit, Zhao owns 81% of Bam Management.

The U.S. Securities and Exchange Commission alleges that the defendants “solicited offers to buy and sell and traded cryptocurrencies that are considered securities in an unlawful manner through unregistered online trading platforms on Binance.com and Binance.US.”

The regulatory body further added that since the launch of the Binance platforms, “cryptocurrencies offered for trading thereon have been securities and thus subject to the federal securities laws.” The details of the SEC’s lawsuit include:

This includes, but is not limited to, BNB and BUSD, as well as units of each of the cryptocurrencies described in detail below – trading symbols SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

While Binance.com lists over 350 cryptocurrencies, the lawsuit also mentions: “Cryptocurrencies that have been the subject of prior enforcement actions by the U.S. regulatory body have also been provided.”

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