Binance.US said Monday it looks forward to defending itself against the U.S. Securities and Exchange Commission following a court’s decision to allow the regulator’s case against the crypto exchange to proceed.
In a statement posted to social media platform X, Binance.US expressed confidence in its legal position while pushing back against accusations of securities violations.
“We have always utilized the limited guidance that the SEC has offered to the crypto industry to operate our business in a compliant way,” Binance.US said. “The fight continues.”
Binance’s U.S. arm said it was established to serve customers in full compliance with U.S. laws and regulations despite running afoul with the regulator last year.
The SEC sued Binance Holdings Ltd., BAM Trading Services, BAM Management U.S., and founder Changpeng “CZ” Zhao, alleging violations of U.S. securities laws, in June 2023.
The SEC claims that Binance.US customer assets could be improperly accessed and controlled by employees of the global Binance entity outside the U.S.
Binance.US said Monday it maintains a 1:1 reserve for all customer assets and operates robust compliance and risk programs” to ensure the safety and security of its platform.
The company also criticized the SEC’s approach, describing it as “regulation by enforcement” and accusing the Commission of politically motivated overreach under its current leadership by Chairman Gary Gensler.
Binance.US said it has participated in extensive discovery processes, during which time the exchange posits the SEC has yet to present evidence of any wrongdoing.
“We remain confident in our position that the SEC’s case is unsupported by the facts or the law and that the Commission lacks the very authority it is seeking to wield in bringing its action against us,” it said.
“We believe this position will be validated by the Court in due course,” Binance.US said, highlighting its confidence in a favorable legal outcome.
Despite the legal woes, the company said it would continue to operate smoothly and introduce new features and updates.
The SEC did not immediately return a request for comment.
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Source: https://decrypt.co/238038/binance-us-looks-forward-to-ongoing-fight-with-the-sec
