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03/07/24
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Binance.US Expresses Preparedness on Lawsuit Brought by U.S. SEC
On July 1, Binance.US said it was ready to continue discovery in the lawsuit brought by the United States Securities and Exchange Commission (SEC), after the Court decided continuity on June 28.
The U.S.-based arm of Binance expressed its preparedness and forward-looking stance to move forward in the judicial process, noting that Binance.US’s establishment was to serve U.S. customers based on the nation’s rules and regulations
The crypto exchange claims that it maintains 1:1 reserves for customer assets and has solid compliance and risk programs to ensure that its platform is safe, secure, and uncompromised. The firm finds it unfortunate that it has suffered from the enforcement measures and politically motivated overreach of the commission, despite always using the SEC’s limited guidance provided to the cryptocurrency industry.
“Notably, the SEC has yet to identify any evidence of wrongdoing on the part of Binance.US throughout the extensive, 11-month discovery process in which we have participated to date. 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,” said Binance.US.
This comes after Judge Amy Berman Jackson ordered that some of the SEC’s motion against the cryptocurrency exchange should proceed, including those relating to BNB’s ICO and ongoing sales of BNB after the ICO, claims that the firm offered and sold its Staking Program as an investment contract, claims regarding failure to register under the Exchange Act, and more.
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