美國證券交易委員會在擬議的修訂投訴中對幣安的代幣上市和交易流程進行更嚴格的審查

美國證券交易委員會週四提交了針對幣安的擬議修改投訴，重點關注該交易所的代幣上市流程。

The U.S. Securities and Exchange Commission (SEC) has filed a proposed amended complaint in its lawsuit against crypto exchange Binance, adding detail to its allegations about the exchange's listing and trading of various tokens – including BNB, its native coin – and how the regulator thinks the company promotes investments in these tokens.

美國證券交易委員會(SEC) 在針對加密貨幣交易所Binance 的訴訟中提出了擬議的修訂起訴書，詳細說明了對該交易所上市和交易各種代幣（包括其原生代幣BNB）的指控，以及監管機構的看法該公司促進對這些代幣的投資。

The SEC first sued Binance in June 2023, alleging the exchange was operating as an unregistered broker, clearinghouse and trading venue, offered unregistered securities through BNB and the BUSD stablecoin, as well as its staking service. Binance, Binance.US (otherwise known as BAM Trading) and Binance executives moved to dismiss the lawsuit. Judge Amy Berman Jackson, in a June 2024 ruling, dismissed charges tied to Binance's Simple Earn product and secondary BNB sales, but allowed most of the SEC's charges to proceed.

美國證券交易委員會 (SEC) 於 2023 年 6 月首次起訴幣安，指控該交易所作為未註冊經紀商、清算所和交易場所運營，透過 BNB 和 BUSD 穩定幣及其質押服務提供未註冊證券。幣安、Binance.US（也稱為 BAM Trading）和幣安高層提出駁回訴訟。法官艾米·伯曼·傑克遜 (Amy Berman Jackson) 在 2024 年 6 月的一項裁決中駁回了與幣安 Simple Earn 產品和二級 BNB 銷售相關的指控，但允許 SEC 的大部分指控繼續進行。

However, in a July 2024 hearing, attorneys went back-and-forth over whether the judge's ruling meant that 10 cryptocurrencies the SEC alleged were also sold as unregistered securities were still part of the case.

然而，在 2024 年 7 月的聽證會上，律師們就法官的裁決是否意味著 SEC 指控的 10 種加密貨幣也作為未註冊證券出售仍屬於該案的一部分進行了反复討論。

The SEC filed the proposed amended complaint at a court-ordered deadline; Binance has until Oct. 11 to oppose the motion.

SEC 在法院規定的截止日期前提交了擬議的修訂後的申訴；幣安必須在 10 月 11 日之前反對該動議。

A redline version of the proposed amended complaint walks through the differences, showing far more detail on the SEC's allegations about Binance's listing of various tokens and how the regulator thinks the company promotes investments in these tokens.

擬議修改後的投訴的紅線版本探討了這些差異，更詳細地展示了 SEC 對幣安上市各種代幣的指控，以及監管機構認為該公司如何促進對這些代幣的投資。

One line adds that in addition to some cryptocurrencies being native to a specific blockchain, others may be built on top of blockchains. Another line clarified that proof-of-stake networks still reward validators like proof-of-work networks.

其中一行補充說，除了某些加密貨幣原生於特定區塊鏈之外，其他加密貨幣也可能建構在區塊鏈之上。另一條線路澄清說，權益證明網路仍然像工作量證明網路一樣獎勵驗證者。

The proposed filing also adds "initial exchange offerings" to its section on initial coin offerings.

擬議的文件還在有關首次代幣發行的部分中添加了“首次交易所發行”。

One substantial addition alleges that Binance is "an integral part of the markets for crypto assets, including those that are offered and sold as securities, and Binance fills these markets with information republishing and amplifying the issuer and promoter statements and activity."

一項重要補充稱，幣安是「加密資產市場不可或缺的一部分，包括那些作為證券提供和出售的資產，幣安透過重新發布資訊並放大發行人和發起人的聲明和活動來填充這些市場。

The filing adds other paragraphs focusing on Binance's own role in allegedly promoting digital assets it lists and trades.

該文件還添加了其他段落，重點關注幣安在推廣其上市和交易的數位資產方面所扮演的角色。

The filing emphasizes the SEC's allegation that BNB is a token that is offered and sold as a security, and the exchange's customers, employees and investors share this expectation.

該文件強調了 SEC 的指控，即 BNB 是一種作為證券發行和出售的代幣，該交易所的客戶、員工和投資者也有同樣的期望。

"Binance has offered and sold BNB as an 'exchange token,' marketing it to investors as an investment in the success of the Binance.com Platform and touting the potential returns that investors could expect from a potential increased demand and price for BNB as the platform grew," the filing said.

「幣安已將 BNB 作為『交易代幣』提供和出售，將其作為對 Binance.com 平台成功的投資向投資者進行行銷，並宣傳投資者可以從 BNB 潛在需求和價格增加中獲得潛在回報。平台不斷發展，」文件稱。

Binance's BNB burns and its support of projects that use BNB are also designed to help the token increase in value, the SEC alleged.

SEC 稱，幣安的 BNB 銷毀及其對使用 BNB 的項目的支持也是為了幫助代幣增值。

Binance paid U.S. employees, including BAM Trading (Binance.US) executives, in BNB, the SEC alleged.

SEC 稱，幣安向包括 BAM Trading (Binance.US) 高層在內的美國員工支付了 BNB 費用。

"In internal Binance town halls, Zhao frequently touted Binance’s ETOP [employee token option plan] as essentially equivalent to employee stock options – i.e., as a direct way for employees to share in any profits from the growth of the Binance.com Platform and the Binance enterprise," the filing alleged.

「在幣安內部市政廳，趙經常吹捧幣安的ETOP [員工代幣期權計劃]，本質上等同於員工股票期權——即，作為員工分享Binance.com 平台和幣安平台發展帶來的任何利潤的直接方式。

The filing goes into similar additional detail around Binance Simple Earn and the 10 digital assets – SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI – it alleges were sold as unregistered securities on the Binance platform.

該文件還涉及Binance Simple Earn 和10 種數位資產（SOL、ADA、MATIC、FIL、ATOM、SAND、MANA、ALGO、AXS 和COTI）的類似附加細節，據稱這些資產在幣安平台上未註冊證券出售。

"As part of their business practices and provision of intermediary services, Binance and BAM Trading promote the Ten Crypto Assets as attractive investments for their customers, including by amplifying and reinforcing the promotional statements and activity of the crypto asset issuers and promoters," the filing said.

文件中寫道：「作為其業務實踐和提供中介服務的一部分，幣安和BAM Trading 將十大加密資產宣傳為對其客戶有吸引力的投資，包括透過擴大和加強加密資產發行者和發起人的促銷聲明和活動。

Binance and the issuers of the tokens provide "selective information" to encourage Binance's customers to invest in the tokens, the SEC alleged, using screenshots of Binance's Solana page as an example.

SEC 以幣安 Solana 頁面的螢幕截圖為例，聲稱幣安和代幣發行人提供“選擇性資訊”，以鼓勵幣安的客戶投資代幣。

"When Binance and BAM Trading approve a listing of a crypto asset, they typically negotiate and enter into agreements with the crypto asset issuers that impose various requirements on the issuer to incentivize trading by customers of the Binance Platforms," the filing said.

文件稱：“當幣安和 BAM Trading 批准加密資產上市時，他們通常會與加密資產發行人進行談判並簽訂協議，對發行人提出各種要求，以激勵幣安平台客戶的交易。”

Other pages on Binance's website, like its explanation of the term "tokenomics," also refers to tokens' market value and "equate the purchase and sale of crypto assets to trading in the traditional securities markets," the filing said.

文件稱，幣安網站上的其他頁面，例如對「代幣經濟學」一詞的解釋，也提到了代幣的市場價值，並「將加密資產的買賣等同於傳統證券市場的交易」。

Token issuers have similarly touted their teams' efforts, the SEC alleged.

美國證券交易委員會稱，代幣發行人也同樣宣傳了他們團隊的努力。

In its proposed amended complaint motion, the SEC said it was doing away with the phrase "crypto asset securities," saying in a footnote that the agency "is not referring to the crypto asset itself as the security."

在擬議的修訂投訴動議中，美國證券交易委員會表示，它將取消「加密資產證券」一詞，並在腳註中表示，該機構「並未將加密資產本身稱為證券」。

Rather, the SEC said it "regrets any confusion it may have invited" by using the phrase to refer to "the full set of contracts, expectations and understandings centered on the sales and distributions" of whichever digital assets were at question.

相反，美國證券交易委員會表示，它“對可能造成的任何混亂表示遺憾”，因為該短語是指任何有問題的數字資產的“以銷售和分銷為中心的全套合約、期望和理解”。

"As the Court explained, the crypto asset is

「正如法院所解釋的，加密資產是