Binance.US, the American arm of the world’s largest crypto exchange by trading volume, Binance, recently addressed the ongoing legal dispute with the Securities and Exchange Commission (SEC). Despite the SEC’s decision to continue with the case, Binance.US expressed readiness to move forward in the judicial process. The SEC’s allegations surrounding securities law violations have not been dismissed, and Binance.US is prepared for the next phase of the legal battle.
US District Judge Amy Berman Jackson recently ruled on the charges filed against Binance by the SEC. The Judge upheld 10 out of 13 charges, allowing the case to proceed. Charges related to the initial coin offering, ongoing BNB sales, staking services, failure to register, and fraud were upheld, while charges linked to secondary BNB sales and the Simple Earn product were dismissed. Binance.US expected this ruling and remains confident in its position that the SEC’s case lacks evidence and legal support.
Binance.US emphasized its compliance with local laws and highlighted its robust compliance and risk programs. The exchange has always operated in accordance with regulations to ensure the safety and security of its platform. It stated that the SEC’s limited guidance to the emerging industry has been followed, and the current lawsuit is viewed as an example of the SEC’s regulation-by-enforcement approach.
Overall, Binance.US remains steadfast in its belief that the SEC’s case lacks merit and legal basis. The exchange is confident in its compliance measures and continues to defend its position in the legal dispute. As the case progresses in the judicial process, Binance.US is prepared to address the allegations and uphold its commitment to regulatory compliance in the cryptocurrency industry.
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