Binance.US strengthens legal defense after SEC lawsuit.

Binance.US has hired four new lawyers to help them fight charges brought by the US Securities and Exchange Commission. One of these lawyers is George Canellos, a former co-director of the SEC’s enforcement division. Canellos has also held positions as the SEC’s acting director and deputy director in the enforcement division, where he was responsible for setting enforcement priorities and policies. From 2009 to 2012, Canellos was the director of the SEC’s New York Regional Office, where he was responsible for enforcement investigations and actions, as well as compliance inspections. Canellos is now working as a partner at Milbank LLP. Three other lawyers from Milbank, Adam Fee, Matthew Laroche, and Andrew LeBlanc, will also be joining Binance.US’s defense team.

The SEC recently sued Binance for operating an unregistered exchange and for their “blatant disregard of the federal securities laws.” The SEC claims that Binance knew they were violating US laws when they operated the platform. Following the lawsuit, Binance.US halted US dollar deposits and wanted users to withdraw funds by June 13. Binance tweeted that they were suspending USD deposits and notifying customers that their banking partners were preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. Binance has accused the SEC of using aggressive and intimidating tactics in their pursuit of an ideological campaign against the American digital asset industry.

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