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Binance.US, the American branch of the global digital asset exchange Binance, recently announced on X that it is prepared for a long legal tussle with the SEC in court.
On Friday, the Court decided that the SEC’s case against https://t.co/AZwoBOh0gq will continue. We were prepared for this and look forward to having this case move forward in the judicial process.https://t.co/AZwoBOh0gq was established with the express purpose of serving United…
— Binance.US 🇺🇸 (@BinanceUS) July 1, 2024
The court’s decision last Friday to continue the SEC’s case against Binance.US did not come as a surprise. Binance.US anticipated this outcome and was eager to progress through the judicial process.
Binance.US Gets Ready for Legal Battle
The ongoing legal battle revolves around the SEC’s allegations that Binance.US violated securities laws by offering unregistered investment products and committing anti-fraud breaches.
Binance.US responded to these allegations by emphasizing its specific objective of serving US customers in full compliance with American laws and regulations.
The company underlined its commitment to maintaining a 1:1 reserve for all customer assets and implementing comprehensive compliance and risk management programs. These measures, Binance.US insists, ensure its platform’s security, safety, and integrity.
In a pointed critique of the SEC’s tactics, Binance.US described the agency’s approach as “regulation by enforcement.” The company further claimed that its current challenges are politically driven. It attributed them to the current administration’s actions, which SEC Chair Gary Gensler oversees.
Binance.US lamented that it has fallen victim to what it perceives as the SEC’s politically driven overreach. Many other firms in the crypto industry have suffered the same fate.
Odds Between Both Parties
Amid the legal pressures, Binance.US remains undeterred, holding on to its legal standing. The company stated that, after an 11-month discovery process, the SEC had not provided any evidence of wrongdoing on Binance.US’s part.
The firm asserted that the SEC’s case is unsupported by facts and law. However, this confidence was not enough to persuade a US court to dismiss most of the SEC’s claims against it in a recent June 28 filing.
The SEC’s assertion that Changpeng Zhao, Binance CEO, served as a “control person” over BAM Trading and Binance remains in play. This allegation has nullified the exchange’s efforts to dismiss the case.
Meanwhile, the ongoing legal battle with the SEC extends beyond just Binance.US. This comes as Binance and the agency continue to deal with matters regarding witness depositions and evidence production.
Court documents reveal that the SEC is pressing for more information from Binance as it builds its case against the crypto exchange.
A January 25 joint status report had it that the SEC doubts the discovery process from BAM Trading Services, the parent company of Binance.US. The regulator highlighted that crucial pieces of evidence from BAM remain outstanding.
The SEC’s broad demands for evidence from Binance have sparked several conflicts. The regulator is mainly concerned with how Binance.US manages the custody and liquidity of its assets.
A key issue for the SEC is the possibility that Binance.US used a backdoor method to control customer assets, like the renowned FTX.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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