• Binance.US and CEO Changpeng “CZ” Zhao filed a motion to dismiss the lawsuit by the SEC that accuses the exchange of securities-related violations.
• Binance.US has come under pressure from the SEC which alleges that the exchange is failing to comply, furthermore, its trading volume has plummeted.

Binance.US, Binance, and CEO Changpeng “CZ” Zhao are defending themselves and taking the fight to the U.S. Securities and Exchange Commission (SEC). Per the latest reports, the parties have filed a joint motion to dismiss the lawsuit by the SEC. Binance.US stands accused of securities-related violations which the exchange says are not plausible.

According to a court filing on September 22, Binance has filed a motion for an extension of time to respond to Magistrate Judge Faruqui’s order to show cause related to the SEC’s reply in support of the motion to compel. Earlier this month, Judge Zia Faruqui approved the SEC’s request to unseal some documents previously limited to attorneys involved in the case. If the new motion is approved, Binance.US will be allowed more time to respond to the SEC’s motion to compel.

Binance.US asserts that the SEC requests are “overbroad” and “unduly burdensome.” Additionally, the exchange claims that the SEC’s securities violations are unclear and it lacks authority in the matter. Interestingly, Ripple Labs has made similar accusations in its own legal fight with the SEC. Coinbase crypto exchange has also accused the SEC of not cooperating with the exchange prior to filing a lawsuit against the publicly traded company. Similar to Binance, Coinbase is accused of trading crypto tokens that the regulator deems to be securities without registering with the regulatory agency.

The crypto industry has long accused the SEC of regulating the crypto industry through enforcement. In fact, the regulator has come under fire from lawmakers for its approach in the industry which for the most part has held back its development. With all three cases questioning the status of tokens, securities or not, a win or loss on one will greatly influence the other cases and set a precedent for the rest of the industry.

Since the SEC charged Binance.US the exchange has faced a lot of fear, uncertainty, and doubt (FUD). Recent data shows that trading volume has plummeted, falling from $5 billion to $40 million. This has been made worse by the departure of a number of executives from the exchange. Some market commentators have viewed this as a troubling sign.

Binance CEO CZ has been adamant that the exchange complies with U.S. regulations. He further urges the community to keep building and ignore the ‘fudders.’

Binance Coin (BNB), a cryptocurrency coin created and issued by Binance has in recent months struggled to rally, trading in the $200 support level. In the last two years, the altcoin has lost nearly 70 percent of its value since marking a new all-time high of $686.