- Binance Exchange has responded to the allegations made by the US SEC
- While the giant exchange has expressed disappointment, it has committed to defending the platform vigorously.
- In a blog, Binance calls out the regulator for refusing productive engagement, citing conscious refusal to provide clarity and guidance to the industry.
Binance Exchange has reacted to the recent complaint by the US Securities and Exchange Commission (SEC), citing “Conscious refusal to provide much-needed clarity and guidance to the digital asset industry.”
Also Read: Binance and CEO face 13 charges by the SEC, citing securities laws violation
Binance responds to the SEC complaint
Binance has published a blog responding to the 13 charges filed by the SEC. The giant exchange has expressed disappointment in the regulator, calling it out for disregarding every show of good-faith it has expressed thus far.
Today, the SEC filed civil claims against https://t.co/AZwoBOgsqS in what is the latest example of regulation by enforcement under the current Commission. To be clear, we believe the lawsuit is baseless and we intend to defend ourselves vigorously. However, we want to address…
— Binance.US (@BinanceUS) June 5, 2023
Nevertheless, the exchange says it takes the litigation seriously and will move to “defend the platform vigorously.” Citing the largest crypto platform by trading volume:
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 to SEC, “Regulation by enforcement is not the best path forward.”
Binance has also accused the SEC of its determination to regulate with the blunt weapons of enforcement and litigation rather than the thoughtful, nuanced approach demanded by this dynamic and complex technology. According to the exchange, the regulator’s actions undermine America’s role as a global hub for financial innovation and leadership.
In closing, the exchange has assured that any allegations that user assets on the Binance.US platform have ever been at risk are false.
Notably, Binance Coin (BNB) suffered a 10% loss in light of the news.
Also Read: Binance Coin price crashes by 10% as SEC sues Binance and CEO Changpeng Zhao
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.