Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, Binance, is gearing up for the next phase of its legal battle with the Securities and Exchange Commission (SEC). In a statement released on July 1st, the company expressed its readiness to proceed with the case after the Court’s decision to allow the SEC’s allegations against Binance.US to move forward. This development comes after unsuccessful attempts by Binance to dismiss the charges brought against it by the SEC.
US District Judge Amy Berman Jackson recently ruled in favor of the SEC, upholding 10 of the 13 charges filed against Binance. The charges pertain to various aspects of Binance’s operations, including alleged violations of securities laws related to initial coin offerings, ongoing sales of BNB, staking services, failure to register, and fraud. However, Judge Jackson dismissed charges concerning secondary BNB sales and the Simple Earn product.
Despite the setbacks, Binance remains confident in its legal stance against the SEC’s allegations. The company contends that the SEC has not presented any concrete evidence of wrongdoing during the discovery period and believes that the regulator’s claims lack legal basis. Binance reaffirmed its commitment to compliance with local laws and highlighted the rigorous compliance and risk management measures in place to ensure the safety and security of its platform.
Regulatory Compliance and Industry Guidance
Binance.US emphasized that it has consistently adhered to compliance standards and industry regulations, including following the SEC’s limited guidance in the rapidly evolving cryptocurrency sector. The company views the SEC’s lawsuit as an example of regulatory overreach and enforcement-oriented approach. By maintaining its position and defending its operations, Binance aims to challenge the SEC’s authority and demonstrate its commitment to legal and ethical practices.
Binance.US is prepared to navigate the legal challenges posed by the SEC and assert its position in the ongoing dispute. The company’s confidence in its compliance programs and commitment to regulatory standards underpin its defense against the SEC’s allegations. As the case progresses through the judicial process, Binance will continue to uphold its principles of transparency, integrity, and legal compliance in the cryptocurrency market.
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