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Binance has filed a new motion opposing the SECs attempt to use the exchanges $4.3 billion settlement with the DOJ to advance its ongoing litigation.

Binance Holdings, the worlds largest crypto exchange by 24-hour trading volume, has submitted a new document to further support its motion to dismiss the lawsuit from the SEC.

The motion was filed yesterday by Binance, its subsidiary Binance.US, and the exchanges former CEO Changpeng Zhao (CZ) in response to the SECs opposition to a motion to dismiss the commissions lawsuit.

Recall that the SEC charged Binance and CZ with violating securities law by operating an unregistered securities exchange in June. The regulator listed various crypto assets as unregistered securities, including BNB, SOL, and MATIC.

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With Binance asking the court to dismiss the lawsuit, the SEC opposed the motion, informing the court that the legal tussle should proceed despite the exchanges $4.3 billion settlement with the DOJ and FinCEN.

The securities regulator claims Binances $4.3 billion settlement with U.S. regulators bolsters its case against the exchange. Consequently, it urged a federal court in Washington to weigh Binance and CZs admission during the settlement to advance its lawsuit against the exchange.

In a filing yesterday, Binance countered the SECs claim, stating that its agreement with CFTC, DOJ, and FinCEN is not materially related to the commissions charges.

Furthermore, Binances attorneys argued that the SEC did not present new evidence in its supplementary brief.

It bears mentioning that Binances settlement borders on the exchanges violation of the United States Bank Secrecy Act (BSA).

The DOJ and FinCEN argued that Binance violated the Bank Secrecy Act by failing to maintain and implement an effective anti-money laundering (AML) program in the early stage of its exchange.

Conversely, the SECs lawsuit against Binance relates to the exchanges alleged violation of United States securities law.

That facts in the plea agreements with the DOJ show that Binance Holding and CZ violated the Bank Secrecy Act does not say anything about whether there was fair notice of the SECs theory that the crypto assets at issue were securities under the Securities Act, Binance argued.

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Binance Opposes SEC Attempt to Advance Ongoing Lawsuit Using the $4.3B Settlement With DOJ - The Crypto Basic