The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120BtC.com) News: In November last year, it reached a settlement agreement with the U.S. Department of Justice, the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), etc., pleading guilty and agreeing Paid a $4.3 billion fine, but litigation with the U.S. Securities and Exchange Commission (SEC) is still ongoing.

Last June, the SEC sued Binance parent company Holdings, Changpeng Zhao, Binance US
US) and others, filed 13 charges against the defendants, alleging that the defendants operated unregistered exchanges, illegally provided and sold securities to U.S. investors, improperly handled customer funds, etc.

 **Debating the scope of regulation**

According to Blockworks, Binance and the SEC held a four-hour hearing on the case in the U.S. District Court for the District of Columbia on the 22nd. Binance tried to dismiss the SEC’s accusation, and Judge Amy
Berman Jackson questioned Binance’s stance, asking Binance lawyers how they thought the SEC had no authority to apply securities laws to cryptocurrencies.

Binance’s lawyer responded that he did agree with the SEC that the definition of securities law is broad, but in addition to the broad definition, securities law has other purposes. He emphasized that there must be restrictive factors in securities law, otherwise real estate may become a security.

At the hearing, Amy Berman
Jackson seemed increasingly frustrated with the Binance team, at one point asking Binance to stop repeating its argument that investment contracts could only apply if an actual contract was signed. Test (Howey
Test) would waste a lot of time. She also suspected that Binance did not even correctly explain the definition of an investment contract in the Howey Test.

 **Binance hopes to invoke the principle of major issues**

Last week, another exchange, Coinbase, also held a hearing in the U.S. District Court for the Southern District of New York in response to seeking to dismiss the SEC lawsuit. Binance, like Coinbase, called for the invocation of the "significant issues doctrine," which stipulates that an institution must release information with Rules with significant economic or political implications would require clear direction from Congress to do so.

Binance asserts in dismissal motion that SEC argument is broad and will have huge impact on cryptocurrency market, Amy Berman
Jackson admitted that this case has an impact on the entire cryptocurrency industry, but she is not inclined to believe that the major issues principle applies to this case. Similar to the position of the judge in the SEC v. Coinbase case, she has not yet decided whether to agree to dismiss the case.