Binance US is confident that the ‘SEC’s case is unsupported by the facts or the law’ Binance US is confident that the ‘SEC’s case is unsupported by the facts or the law’
Binance.US readies for legal showdown with SEC after last Friday's partial loss.
2 min read
Updated: Jul. 2, 2024 at 10:12 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance.US, the American arm of the world’s largest crypto exchange by trading volume, Binance, is ready for the next phase of its ongoing legal dispute with the Securities and Exchange Commission (SEC), according to a July 1 statement.
The firm stated:
“On Friday, the Court decided that the SEC’s case against Binance.US will continue. We were prepared for this and look forward to having this case move forward in the judicial process.”
SEC’s allegations
This statement followed its unsuccessful attempts to dismiss the SEC’s allegations surrounding its alleged securities law violations.
On June 28, US District Judge Amy Berman Jackson upheld 10 out of 13 charges filed against Binance by the SEC. The Judge ruled that charges related to the initial coin offering, ongoing BNB sales, staking services, failure to register, and fraud could proceed.
However, she dismissed charges linked to the secondary BNB sales and the Simple Earn product.
Binance’s response
In response, Binance stated that the ruling was expected and that it was prepared to move forward with the case.
The firm noted that the SEC has yet to find any evidence of wrongdoing during the 11-month discovery period, and it remains confident that the regulator’s positions were unsupported by the law.
It stated:
“We remain confident in our position that the SEC’s case is unsupported by the facts or the law, and that the Commission lacks the very authority it is seeking to wield in bringing its action against us. We believe this position will be validated by the Court in due course.”
The exchange also noted that its operations had always been in alliance with local laws, touting its “robust compliance and risk programs,” which ensure its platform’s safety and security.
Furthermore, Binance.US said it has abided with the regulator’s limited guidance to the emerging industry and believes the current lawsuit was further evidence of the SEC’s regulation-by-enforcement approach. It added:
“It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulation by enforcement approach and politically motivated overreach under its current leadership.”
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In this article
BNB, or Binance Coin, is a cryptocurrency created by Binance.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.