Legal Battle Continues for Binance.US Against SEC
Binance.US is gearing up to defend itself against the U.S. Securities and Exchange Commission (SEC) after a recent court ruling allowed the regulator’s case to move forward. The crypto exchange expressed confidence in its legal stance while pushing back against allegations of securities violations.
Binance.US Defends Compliance with SEC Regulations
- Binance.US claims to have always operated in compliance with the limited guidance provided by the SEC to the crypto industry.
- The company established its U.S. arm to serve customers while adhering to U.S. laws and regulations, despite facing regulatory issues in the past.
SEC Lawsuit Against Binance
- In June 2023, the SEC filed a lawsuit against Binance Holdings Ltd., BAM Trading Services, BAM Management U.S., and founder Changpeng “CZ” Zhao, alleging violations of U.S. securities laws.
- The SEC accused Binance.US of allowing customer assets to be potentially accessed and controlled by employees of the global Binance entity outside the U.S.
Commitment to Customer Asset Safety
- Binance.US maintains a 1:1 reserve for all customer assets and implements robust compliance and risk programs to ensure platform security.
- The company criticized the SEC’s enforcement-based approach and accused the Commission of politically motivated overreach under its current leadership.
Confidence in Legal Position
- Despite the ongoing legal battle, Binance.US remains confident in its position and highlighted that the SEC has not presented evidence of any wrongdoing during extensive discovery processes.
- The company believes that the SEC’s case is unsupported by facts or law and lacks the authority to bring action against them.
Continued Operations Amidst Legal Challenges
Despite the regulatory uncertainties, Binance.US reassured its users that it would continue to operate smoothly, introducing new features and updates to the platform. The company remains optimistic about a favorable legal outcome in the future.
Hot Take: Stay Tuned for Ongoing Legal Developments
As the legal battle between Binance.US and the SEC unfolds, crypto enthusiasts are advised to stay updated on the latest developments. The outcome of this case could have significant implications for the crypto industry as a whole. Watch this space for more updates!
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