A few hours ago Binance’s response was knownthe world’s largest cryptocurrency platform, after the lawsuit filed in federal court in Washington by the United States Securities and Exchange Commission (sec). The lawsuit filed accuses the company of irregularly managing funds from its users and of lying to investors and regulators, among other things.
(See: The US Sues Binance for Violating the Country’s Stock Market Rules)
On its Binance website it mentions that “The lawsuit demonstrates a reluctance by the SEC to engage in substantive dialogue to resolve these issues. It further indicates that, despite efforts to achieve a productive compromise, the SEC has denied due process.”.
Regarding one of the accusations, the cryptocurrency company indicates: “We respectfully disagree with the SEC’s allegations that Binance operated as an unregistered exchange or illegally offered and sold securities, including offering BNB, or the fiat-backed stablecoin BUSD”.
(See: Binance defended itself and denied involvement in the fall and bankruptcy of FTX)
On the other hand, he added that like other cryptocurrency exchange platforms received on several occasions a notice from the Commission a “Wells notice” which means that the SEC intends to launch an investigation for violating the legislation. However, Binance claims that notice did not give them any further detail on how they were violating the law.
On the other hand, also questions the actions taken by the SEC: “Despite our willingness to take all reasonable steps we could to allay the SEC’s alleged concerns, and our requests that the SEC share with us any evidence it may have regarding its alleged concerns about the safety of client assets, the entity rejected our compromise attempts and, as we discovered today, has gone straight to court.”.
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(See: Cryptocurrencies: The 12 Scams You Can Fall Into Using Them)
Additionally, Binance states that in recent days They have made investments of 80 million dollars in external partners to comply with the required regulations, so “user assets on Binance.US are safe and to suggest otherwise is irresponsible, harmful to investors and an abuse of the judicial process.”
Lastly, the company adds that they are concerned about the negative impact that the actions of the SEC may have on users and the market. It adds that it will continue to work with regulators and policy makers around the world to defend its financial technology.
(See: Cryptocurrencies: details of how they will be regulated in the European Union)
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