Binance.US, the American subsidiary of crypto exchange Binance, has had its attempt to sue the U.S. Securities and Exchanges Commission (SEC) rejected by a judge. The judge stated that it was unnecessary for the court to get involved in the wording of press releases. Binance had requested that the SEC’s language regarding the management of customer funds be limited, arguing that it could be detrimental to their position during the trial. However, the judge ruled that court intervention was unnecessary at this time and that the SEC’s public relations efforts were unlikely to significantly impact the proceedings. Binance.US had filed a motion in court seeking intervention against the SEC, claiming that the SEC had made misleading statements. The legal battle between the SEC and Binance started in June, with the SEC accusing Binance of multiple misconducts, including money laundering. Binance has until September 21 to respond to the SEC’s allegations. In addition to this legal setback, Binance Australia has faced negative developments, including being disconnected from the Australian banking system. The branch received just 12 hours’ notice before being debanked. Binance Australia had already suspended its USD service in May after its payment service provider and banking partner withdrew their support. Approximately 1 million customers in Australia may be affected by this incident.
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