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SEC Intends to Amend Complaint in Binance Case
Third-party tokens are digital assets alleged to be unregistered securities by the SEC that were issued by various companies not named Binance.
By Amitoj Singh
Updated Jul 31, 2024, 1:26 p.m. Published Jul 30, 2024, 7:35 a.m.
CORRECTION (July 30, 2024, 21:50 UTC): Corrects details to note that the SEC did not say how it intended to amend its complaint or that it intended to drop allegations tied to third-party tokens.
- The SEC intends to amend its complaint against Binance, including with respect to the 'Third Party Crypto Asset Securities," it said in a court filing.
- This likely means that the Judge won't have to decide whether 10 tokens such as Solana and Matic are unregistered securities or not just yet.
The U.S. Securities and Exchange Commission (SEC) will be amending its ongoing lawsuit against Binance and related entities after a court hearing earlier this month where attorneys raised questions about whether a ruling in the case might affect allegations about certain tokens, according to a court filing early Tuesday morning.
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According to the filing, the SEC has already informed the defendants, Binance and affiliated entities (namely Binance.US and founder Changpeng Zhao), that it "intends to seek leave to amend its complaint, including with respect to the 'Third Party Crypto Asset Securities'... "obviating the need for the Court to issue a ruling as to the sufficiency of the allegations as to those tokens at this time."
The issue of third party tokens came to a head in a hearing on July 9 when attorneys for Binance said they interpreted Judge Amy Berman Jackson's June 28 ruling on Binance's motion to dismiss the SEC's case as moving third-party tokens out of the case, CoinDesk reported earlier. The Judge made it clear that this was not her intention.
Third-party tokens are digital assets issued by various companies apart from Binance, that were listed by the crypto exchange. The 10 tokens named in the complaint are SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI. The SEC alleged that these tokens are unregistered securities.
Tuesday's filing was a court ordered joint response to the positions of both sides on how to proceed further. It was expected that the judge would review what role third-party tokens may play in the SEC's ongoing case against Binance. The SEC did not share further details about how its amended complaint may address the token issue.
This development has resulted in the defense wanting to see the amended complaint before allowing the process of discovery.
"Until defendants have a set of proposed amended allegations in front of them, it is premature and unreasonable for the SEC to expect them to agree to conduct merits discovery for claims on which the SEC may soon seek leave to amend its allegations," the filing said.
Read More: Opinion: A Second Look at Third-Party Token Allegations in the SEC's Case Against Binance
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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