Binance will fight against SEC charges with full legal force.
Binance, the world’s largest cryptocurrency exchange, has criticized the US Securities and Exchange Commission’s (SEC) decision to file 13 charges against it and its CEO Changpeng Zhao. According to Binance, this is another example of the SEC’s misguided and conscious refusal to provide much-needed clarity and guidance to the crypto industry. The company also claims that the SEC has chosen to regulate with the blunt weapons of enforcement and litigation rather than taking the thoughtful and nuanced approach demanded by the dynamic and complex technology of cryptocurrency.
Binance is likely to fight the SEC’s charges and stands with digital asset market participants in the US in opposition to the SEC’s latest overreach. The exchange also said that it is prepared to fight the charges to the full extent of the law.
Binance Holdings Ltd. and its US affiliates were charged by the SEC for a slew of different charges, including allegedly operating as an unregistered exchange and offering unregistered securities. The SEC’s Director of Enforcement, Gurbir S. Grewal, said that Binance imposed outsized risks and conflicts of interest on investors by engaging in multiple unregistered offerings while also failing to register and combining the functions of exchanges, brokers, dealers, and clearing agencies. The SEC also accused Binance of lacking transparency, relying on related-party transactions, and lying about controls to prevent manipulative trading. Despite the charges, Binance asserted in a blog post that all user assets on Binance and its affiliate platforms are safe.
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Binance claims that the SEC’s actions appear to be in service of an effort to rush to claim jurisdictional ground from other regulators, and investors do not appear to be the SEC’s priority. The exchange believes that, because of its size and global name recognition, it is an easy target caught in the middle of a US regulatory tug-of-war.
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