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Binances arguments used in its motion to dismiss a lawsuit from the United States securities regulator relies on an incorrect legal analysis and have no basis in law, the regulator has argued.

In a Nov. 7 court filing the SEC rebuffed Binances earlier bid to toss the regulators suit saying no court has adopted Binances tortured interpretation of the law.

The SEC sued Binancein June alleging it, Binance.US and its founder Changpeng CZ Zhao sold unregistered securities and failed to register as an exchange in the United States.

Binance argued the SEC failed to introduce crypto guidelines, misinterpreted securities laws and applied them to crypto and called the suit an overstep of its authority.

In its latest rebuttal, the SEC claimed Binance never complied with federal securities laws which was a deliberate choice.

It added Binances arguments that compared crypto to supermarket items like oranges [...] are absurd and claimed the crypto exchanges crypto sales are investment contracts under the Howey test.

Related: SEC Inspector General says prohibition on crypto ownership hinders agency hiring

The regulator reiterated its claims the BNB (BNB) initial coin offering violated securities laws and Binance USD (BUSD) along with the yield-bearing staking, Vault and Earn programs are investment contracts.

It also rebuffed Binances argument that the suit violated the major questions doctrine a 2022 U.S. Supreme Court ruling saying Congress doesnt delegate authority to agencies, which other crypto firms have cited in their aim to push back on the SECs claimed authority.

The SEC claimed granting Binances dismissal request would dismantle decades of foundational precedent upon which the nations securities laws operate and in its place would be a rigid framework that upends the broad, flexible regime of the current laws.

Magazine: The truth behind Cubas Bitcoin revolution An on-the-ground report

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Binance used 'tortured' interpretation of law in bid to toss suit, says SEC - Cointelegraph

The Australian Securities and Investments Commission (ASIC) has issued a press release detailing $13.1 million in payments to users of Binance Australia Derivatives (also known as Oztures Trading Pty Ltd) for rule-breaking related to the misclassification of users as wholesale instead of retail.

Binance Australia Derivatives failed to provide retail clients with legally required protections and, as such, has had to compensate users for net trading losses and fees.

Binance Australia Derivatives canceled its Australian Financial Services License in April of this year. This cancellation came after ASIC started a targeted review of Binances financial services business in Australia and after ASIC issued a notice of hearing.

Read more: FTX Australia license revoked nine months after implosion

After it chose to cancel this license, there were subsequent raids on the companys offices in Australia.

Binance has also been cut off from many of its previous banking partners in Australia with the likes of Cuscal and large Australian banks like Westpac shutting off transfers to Binance entities.

ASICs press release also made sure to detail how regulatory agencies around the world have issued warnings and suits against Binance and specifically draws attention to the Commodities Futures Trading Commission lawsuit. It also includes warnings from the UK, Japan, Italy, Singapore, the Netherlands, Canada, and Thailand.

ASIC has pursued other cryptocurrency companies, including Finder for its Finder Earn crypto lending product, and it was investigating FTX at the time of its collapse.

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Australia forces Binance to pay users after law-breaking - Protos

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Binance saw almost half of the $114M liquidations in the past 24 hours - CryptoSlate

An unknown whale transferred 1,999,000,000 Tron tokens (TRX) worth $194 million.

According to on-chain analytics, the whale transferred a large amount from the Binance cryptocurrency exchange to an unknown wallet.

At the time of publication, the price of TRX remained virtually unchanged. When writing, the token trades at $0.09753, down 0.94%.

Last week, three wallets the same owner could own moved 6,500 BTC for the first time in six years. Bitcoins arrived at these three addresses on Nov. 5, 2017.

Some BTC came from an address marked on bitinfocharts asF2Pool, which may belong to early miners.

Meanwhile, Binance continues to experience billions of dollars in outflows that began last year. Since November, several billion dollars worth of cryptocurrency assets have been withdrawn from the crypto exchange, according to Dune data.

The latest large-scale wave of withdrawal of crypto assets occurred after a lawsuit by the US Securities and Exchange Commission (SEC).

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Binance records huge $194m Tron (TRX) withdrawal - crypto.news

Key Takeaways

On November 8, 2023, Binance released its Web3 Wallet, providing secure and streamlined access to the decentralized blockchain world, keeping the management of your Web3 assets directly within Binance.

Binance users have long requested better Web3 management, so now it's here, let's dive into Binance's Web3 wallet and see whether it is worth using.

Binance's Web3 Wallet is a non-custodial (aka self-custodial) cryptocurrency wallet that enables you to store, send, receive, and swap tokens across multiple blockchains. It integrates Web3 capabilities into the Binance app, making decentralized finance (DeFi) more accessible to its users.

Some key features and benefits of Binance's Web3 Wallet include:

Overall, Binance's Web3 Wallet furthers the adoption of DeFi and Web3 services by bringing you an easy-to-use self-custody wallet experience.

If you already use Binance regularly, I'd say it's worth checking out its Web3 Wallet. The integration with the Binance app (you can't access the Web3 wallet in the Binance web version) makes transferring funds between your exchange account and wallet quite easy. I like how I can access my Web3 wallet directly in the Binance app without downloading a separate app or extension.

The setup process was quick and painless. Backing up Binance's Web3 Wallet to iCloud or Google Drive gives some extra security (though you should only do this if you're sure your cloud accounts are equally secure!). The wallet's Emergency Export feature, which lets you regain access to assets independently if you can no longer access your Binance account, is also worth a specific shout. It's not a feature I've seen on any other Web3 wallet.

Of course, security is always a concern when dealing with crypto wallets. Binance's Web3 Wallet uses multi-party computation (MPC) to split the private key into shares across your device, cloud storage, and Binance's servers. With two of the three in your control, that should give you peace of mind.

Binance's Web3 Wallet supports various coins and tokens across blockchains like Ethereum, BNB Chain, Polygon, etc. You can use it to hold and transact with various cryptocurrencieseven beyond what is listed on Binance. The intuitive interface also makes sending, receiving, and swapping tokens a breeze.

One of my favorite features is the built-in swap service. It finds the best rates by aggregating prices across multiple DEXs and CEXs. From the look of things, you probably will get way better swap rates than using individual decentralized exchanges directly. The swap should also be instant and seamless since it uses Binance Bridge under the hood.

That said, I do wish the Web3 Wallet was more platform-agnostic rather than being tied to Binance. It would be nice if I could use Binance's Web3 Wallet independently without a Binance account. But for Binance users, it's a no-brainer choice for a cryptocurrency wallet.

Overall, Binance's new Web3 Wallet is neat and worth checking out. The convenience, great features, and tight integration make it a compelling crypto wallet.

Binance's new Web3 Wallet brings some sweet benefits to the table. So, if you're already on team Binance, you can also give its new Web3 Wallet a test drive. It may become your go-to for all things crypto and decentralized finance.

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What Is Binance's New Web3 Wallet & Is It Worth Using? - MUO - MakeUseOf