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A developing report at the moment reveals that The United States Securities and Exchange Commission (SEC) filed suit against Binance, its U.S. platform and CEO Changpeng Zhao (CZ) in the District Court for the District of Columbia on June 5.

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The U.S. regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB (BNB) and BUSD tokens, the Simple Earn and BNB Vault products and its staking program. In addition, the SEC alleges in the suit that Binance failed to register its platform as an exchange or a broker-dealer clearing agency. Further, it claimed Binance and BAM Trading failed to register Binance.US as an exchange, broker and clearing agency. CZ was sued as a “controlling person.”

Also Read: Binance Stablecoin, BUSD Faces Scrutiny In The US. 

The SEC is demanding permanent enjoinment on Binance and CZ from further activities, disgorgement of ill-gotten gains with interest and financial penalties

The suit claimed that tokens traded on the Binance exchange were securities. Those tokens are BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

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