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- SEC slams leading crypto exchange Binance with a major lawsuit.
- The leading cryptocurrency exchange has made an official response expressing disappointment over the SEC’s recent course of action.
The cryptocurrency community was recently rocked by the news that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance. Following the new development, Binance, the leading cryptocurrency exchange has rolled out an official response.
In a detailed blog post, Binance explains its position with the SEC while expressing worry over the SEC’s alleged attempt to control the narrative around the crypto industry.
The exchange expresses disappointment over the SEC’s action, as it revealed that it was already seeking purported emergency relief, alongside other remedies.
Binance maintains that it has in fact cooperated with the SEC’s investigations so far. Additionally, the exchange claims to have engaged in “extensive good-faith discussions” in a bid to reach a settlement and resolve the investigation.
The SEC has gone ahead to abandon the process and instead sought out its own approach, Binance added, while reiterating that it was disheartened by the SEC’s choice. Binance wrote in the blog post;
While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis. We intend to defend our platform vigorously. Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry.
Binance shows support for other crypto firms battling with the SEC
Binance appears to be aligning with other cryptocurrency firms that have also been dealt a massive blow by the regulatory body in previous times. The exchange asserted that the lawsuit is just another instance where the SEC chose to carry out regulation bluntly, rather than thoughtfully. Binance rejects claims that users’ assets have ever been at risk on its platform.
…And, to be clear: any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong, and there is zero justification for the Staff’s action in light of the ample time the Staff has had to conduct their investigation. All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary.
Although the SEC has continuously explained that investors’ safety and security are a huge part of its mission, Binance shares the same sentiments with key players that have rejected this narrative. Alongside other leading figures in the crypto industry, Binance believes that investors are not the SEC’s top priority.
Binance insists that the size of its company’s name across the globe has positioned it as “an easy target caught in the middle of a U.S. regulatory tug-of-war.”
