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Binance.US Gears Up for Prolonged Court Fight Following Judge’s Decision on SEC Case

2 July 2024
in Business, News, Regulation
Reading Time: 3 mins read
101 8
Home Business

Binance.US has stated that it is “prepared” for a prolonged legal battle with the U.S. Securities and Exchange Commission (SEC) following a U.S. federal judge’s decision to uphold most charges against the exchange on Friday, June 28, 2024.

The American arm of the global cryptocurrency exchange Binance recently released a statement on social media platform X:

“We were prepared for this and look forward to having this case move forward in the judicial process.”

While the judge dismissed part of the SEC’s lawsuit against Binance and its founder, Changpeng Zhao, key allegations against Binance.US remain. These include potentially offering unregistered investment products and violating anti-fraud provisions. The SEC’s claim that former Binance CEO Changpeng Zhao acted as a “control person” will also proceed, along with assertions that Binance was obligated to register under the Exchange Act.

In its statement, Binance.US criticized the SEC’s regulatory approach as “regulation by enforcement,” suggesting that the challenges it faces are politically motivated actions under the current administration led by Chair Gary Gensler.

“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,”

the statement read.

The exchange expressed confidence in its legal standing, asserting that after an 11-month discovery process, the SEC has not identified any evidence of wrongdoing, and its case is “unsupported by the facts or the law.”

This legal battle unfolds against a backdrop of increasing regulatory pressure on Binance.US. Recently, North Dakota’s financial regulator revoked the exchange’s money transmitter license, making it the seventh state to take such action. The revocation order cited Binance and Zhao’s federal conviction in November for conspiracy to conduct an unlicensed money-transmitting business and failure to maintain an effective anti-money laundering program.

Despite these legal challenges, Binance.US has reiterated its unwavering commitment to serving U.S. customers and complying with American regulations. The company has underscored its maintenance of 1:1 reserves for all customer assets and robust compliance and risk programs.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BINANCEBinance.USSEC
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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