Binance Will ‘Strongly Defend’ in Case Against SEC


In response to a lawsuit SEC Bitcoin exchange Binance released a statement in which it noted its readiness to “strongly” resist the pressure of the regulator.

The company emphasized that they are cooperating with the Commission for a pre-trial solution to the problem. However, according to the representatives of the platform, the main goal of the SEC is “one-sided determination of the structure of the crypto market.”

“The Commission chose to regulate through crude weapon enforcement and litigation rather than the thoughtful, detailed approach required by this dynamic and complex technology,” Binance said in a statement.

The exchange also denied the claim that the platform puts client funds at risk. The company assured users of the safe storage of assets.

In addition, Binance considers the actions of the SEC “limited” because the company is not based in the United States.

On June 5, 2023, the SEC sued the bitcoin exchange and its CEO, Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities. The lawsuit also alleges that Binance failed to register its platform as an exchange, broker-dealer, or clearing agency, just like the US arm.

Recall that in March a lawsuit against the exchange and Zhao filed CFTC. According to the agency, Binance violated the rules for trading derivatives by operating without proper registration and “deliberately evading US law.”

In response to the accusations, Zhao said that the Commission’s claims contain “an incomplete statement of the facts” and his company disagrees with the characterization of many of the points.

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