Key Points:
Binance US SEC lawsuit to proceed, marking a pivotal development in the ongoing legal saga.
Binance.US asserts compliance with U.S. regulations and criticizes SEC's enforcement-focused approach as politically motivated.
The long Binance US SEC lawsuit tussle between Binance.US and the U.S. Securities and Exchange Commission suddenly took a different turn as the Court paved its way for the case to ensue.
Binance.US had been prepared for that and was committed to seeing it through the judicial process.
Compliance features and risk administration have been major themes for Binance.US, specifically formed to serve US customers under regulatory regimes. It holds 1:1 reserves on all customer assets, ensuring the platform's safety and integrity.
Read more: Coinbase Legal Action Released Adds to Tensions with the SEC Lawsuit
Binance US SEC Lawsuit Legal Battle Advances as Court Clears Path
In response to the SEC's actions, Binance.US slammed what it perceives as the opposite of a regulatory approach—instead, "enforcement-first, guidance-second"—and further termed being caught in what it called politically motivated overreach under the current leadership of the SEC.
Although the Binance US SEC lawsuit acknowledged that it had fully cooperated and produced a great deal throughout the 11-month-long discovery process, the SEC has not provided any evidence to support any wrongdoing. This case will now proceed with further phases of discovery.
Fully confident in the merits of its legal position, Binance.US argued that the SEC's claims are without factual or legal basis and lack any authority supporting whatever actions the Commission may take. The company is confident that it will be vindicated in due course in the courts.
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