In a recent statement released on July 1, Binance.US revealed that the ongoing legal battle with the Securities and Exchange Commission (SEC) is ready to move into the next phase. The US arm of the world’s leading crypto exchange, Binance, expressed its readiness to face the SEC’s allegations and proceed with the judicial process. This comes after an unsuccessful attempt to dismiss the SEC’s charges related to securities law violations.
On June 28, US District Judge Amy Berman Jackson made a significant ruling regarding the case. Out of the 13 charges filed against Binance by the SEC, 10 were upheld by the Judge, allowing the case to proceed. The charges included issues related to the initial coin offering, ongoing BNB sales, staking services, failure to register, and fraud. However, charges associated with secondary BNB sales and the Simple Earn product were dismissed. Despite this ruling, Binance expressed its anticipated expectations and readiness to move forward with the legal proceedings.
Binance emphasized its confidence in operating in compliance with local laws, highlighting its robust compliance and risk programs that ensure the safety and security of its platform. The exchange also mentioned its adherence to the limited guidance provided by the SEC to the emerging industry. Binance.US views the current legal action taken by the SEC as a representation of the regulator’s approach of regulation by enforcement.
Despite the ruling by the US District Judge, Binance remains steadfast in its position, asserting that the SEC’s case lacks factual and legal support. The firm is confident that the Court will validate its stance in due course, emphasizing that the SEC lacks the authority it is trying to assert in the case against Binance.US. Throughout the 11-month discovery period, the SEC has failed to provide any evidence of wrongdoing by Binance, further solidifying the exchange’s confidence in its position.
Overall, the legal battle between Binance.US and the SEC is poised to continue, with both parties prepared to present their arguments and evidence in the judicial process. The outcome of this case will likely have significant implications for the regulation of the crypto industry in the United States.
