SEC Opposition to Binance Operations in the US
Former Chief SEC Office of Internet Enforcement John Reed Stark has shared the SEC’s opposition to Binance’s operations in the United States. The opposition cites a statement from Binance’s Chief Compliance Officer, indicating that Binance was operating as an unlicensed securities exchange in the US.
A Deliberate Choice
The opposition asserts that Binance has been functioning as a broker, dealer exchange, and clearing agency in the US, thereby making it subject to federal securities laws. The document suggests that not complying with these laws was a deliberate decision on Binance’s part.
Furthermore, the complaint alleges that Binance and its CEO, Changpeng Zhao, knowingly operated the platform in violation of US law while attempting to give the appearance of non-operation in the US.
The Fight Continues
In June 2023, the SEC filed a lawsuit against Binance, Zhao, and Binance.US for illegally listing unregistered securities for trading by American investors. The lawsuit has escalated into a dispute over access to customer funds in the US.
Hot Take: SEC vs. Binance – Legal Battle Intensifies
The SEC’s opposition to Binance’s operations in the US signals a significant legal battle ahead. With allegations of deliberate non-compliance and attempts to conceal US operations, this case has far-reaching implications for cryptocurrency exchanges operating in the United States.
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