- The opinion of employees is not the position of the SEC
- Binance representative disagrees with this statement
On Friday, March 3, during the Voyager Digital bankruptcy hearing, SEC employees declaredthat Binance.US operates as an unregistered securities exchange. In their opinion, the sale of VGX tokens by Voyager Digital violated federal law.
Securities and Exchange Commission lawyer William Aptegrove said trading in VGX coins has the hallmarks of a securities transaction.
“The opinions of our colleagues are based only on the facts that are currently known. They also believe that Binance.US operates as an unregistered securities exchange. The SEC has not made any decisions on any of these matters, and the opinions of employees do not reflect the position of the organization,” Aptegrove added.
A Binance representative reacted to such statements:
“It is sad that SEC officials are making claims that Binance.US is operating on an unregistered exchange. At the same time, they did not specify what assets the Commission considers to be securities. We are always open to constructive dialogue with regulators to ensure continued innovation in the United States.”
Uptegrove, in fact, repeated the words of Gary Gensler, who said that most crypto exchanges should be registered as national securities exchanges. According to him, this will allow them to work in the regime of information disclosure and compliance with the requirements of the agency.
Voyager plans to sell its holdings to Binance.US as part of its Chapter 11 bankruptcy restructuring plan. 97% of Voyager’s creditors supported the proposal, and the plan’s hearings are now in their third day.
