Binance CEO Changpeng Zhao (CZ) responded to the SEC's lawsuit against the exchange, calling it "frivolous" and "a waste of time and resources."
In a Binance blog post, CZ said that the SEC's claims are "baseless" and that Binance "has always complied with all applicable laws and regulations." He also said that the SEC's lawsuit is "an attempt to stifle innovation in the crypto industry."
CZ said that Binance will "vigorously defend" against the SEC's lawsuit and that he is confident that the company will "prevail."
Here is CZ's full response to the SEC's lawsuit:
Today, the Securities and Exchange Commission (SEC) filed a frivolous lawsuit against Binance. The SEC's claims are baseless and we will vigorously defend ourselves.
Binance has always complied with all applicable laws and regulations. We have worked closely with regulators around the world to ensure that we are operating in a compliant manner.
The SEC lawsuit is an attempt to stifle innovation in the crypto industry. We believe that the crypto industry is a force for good in the world and we will not be deterred by the SEC's efforts to stifle innovation.
We are confident that we will prevail in this lawsuit. We have a strong legal team and are committed to fighting for your rights.
We will continue to operate our business as usual and continue to provide our users with the best possible service.
Thank you for your continued support.
CEO of Changpeng Zhao, Binance