Binance.US stated that it is ready to defend against the SEC. The crypto exchange stated that it operates its business in a compliant manner, taking advantage of the "limited guidance" offered by the SEC, and maintains a 1:1 reserve for customer assets. He also noted that the platform has strong compliance and risk programs to ensure its security. 🏛️🔒

Last June, the SEC filed a lawsuit against Binance Holdings Ltd., BAM Trading Services, BAM Management US and its founder Changpeng "CZ" Zhao for violating US securities laws. However, Binance.US stated that the SEC found no evidence of wrongdoing by the exchange during its 11-month discovery period. 🏦⚖️

Binance denied the SEC's claim in September and requested that the case be dismissed. However, Columbia District Court Judge Army Berman Jackson ruled that most of the SEC's case could proceed. Of the 13 charges, 10 will continue in full, 2 will continue in part, and one will be dismissed.