Legal Battle Between Binance US and SEC

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by Giorgi Kostiuk

2 years ago

Made with AI

Legal Battle Between Binance US and SEC

Binance US, the American branch of the renowned cryptocurrency exchange, is gearing up for a substantial legal confrontation with the Securities and Exchange Commission (SEC). The company asserts its focus on adhering to regulatory protocols while scrutinizing the SEC's enforcement methodology.

Despite undergoing an exhaustive 11-month fact-finding phase, the U.S. entity asserts that the SEC has not yet pinpointed any incriminating evidence against it. In a recent communication, Binance US indicated its readiness for the forthcoming phase of legal deliberations, eagerly anticipating further exploration of the matter.

This recent development transpired subsequent to a ruling by a U.S. federal judge, who nullified a portion of the SEC's lawsuit against Binance and its chief, Changpeng Zhao. Nonetheless, the majority of allegations against Binance US still stand, encompassing accusations of potentially offering unregistered investment products and contravening anti-fraud statutes.

In its declaration, Binance US reiterated its dedication to compliance with the SEC's delimited directives. The SEC initially lodged the lawsuit in June 2023, leveling accusations against Binance, Binance US, and Zhao for various breaches of securities laws. Noteworthy is that Zhao is presently serving a custodial term following charges filed by the Department of Justice.

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