In the face of a U.S. judge’s ruling last Friday that advanced most of the U.S. Securities and Exchange Commission’s (SEC) charges against Binance.US, the company also expressed its position through , no evidence of any illegal behavior was found by Binance.US, and it was emphasized that it is prepared for future litigation.
Factsheet: Judge approves most SEC charges against Binance.US
A few days ago, U.S. federal judge Amy Jackson ruled to dismiss part of the SEC’s lawsuit against Binance and its CEO Changpeng Zhao (CZ), but retained most of the charges against Binance.US, including that the company provided unregistered investment products and transactions. Data provider BAM Trading violated anti-fraud provisions, among other things.
(Binance kicks the iron? The judge approves most of the SEC’s charges. Only BUSD and coin-earning services are not investment contracts)
The lawsuit originated from last June, when the SEC sued Binance.US, Binance and CZ, alleging multiple violations of securities laws. CZ is currently serving a sentence in prison due to charges from the U.S. Department of Justice and the Treasury Department.
Binance.US: Ready to fight the SEC
In a public statement, Binance.US first expressed its acceptance of the court’s ruling and “looked forward” to further developments in the case.
The company made clear its stance on complying with U.S. regulations and working to ensure platform security:
We are prepared for this and look forward to developments as this case moves forward in the judicial process.
Binance.US also mentioned the SEC’s vague and unclear encryption industry rules, believing that it is extremely difficult to achieve compliance in the United States:
We have been utilizing the "limited guidance" provided to the crypto industry by the SEC to operate our business in a legal manner. Unfortunately, however, we, like many companies in the industry, have fallen victim to regulation through enforcement and overreach of authority under the SEC’s current leadership.
(SEC gives up the pursuit of ETH and will still sue MetaMask for its staking and trading functions)
Facing the case that is about to enter the final stage of evidence discovery, Binance.US finally criticized the SEC for not having any evidence that the company was involved in illegal behavior during the year-long litigation process:
Therefore, we remain confident that the SEC's case is unsupported by neither the evidentiary facts nor the law; in other words, the basis for the authority the SEC seeks to exercise in its lawsuit against us simply does not exist, and we believe that the courts will ultimately validate our position. .
The number of crypto companies in disputes with the SEC continues to grow
At the same time, crypto companies that are busy in litigation with the SEC also include Ethereum software provider Consensys, crypto payment provider Ripple Labs, US exchange Coinbase, etc.
(The U.S. SEC sued Consensys, targeting MetaMask and Ethereum staking services: Lido and Rocket Pool were all involved)
Among them, the lawsuit with the exchange Kraken has also caused controversy, and has been criticized by many officials and the crypto community for abuse of power.
(The lawsuit between the SEC and Kraken caused controversy, and officials from multiple states jointly accused the SEC of seriously overstepping its authority)
This article Binance.US responds to the SEC lawsuit: The SEC has no evidence at all and it is difficult to comply with vague regulations. It first appeared on Chain News ABMedia.