Binance, one of the world’s largest cryptocurrency exchanges, has issued a robust response to the U.S. Securities and Exchange Commission’s (SEC) recent lawsuit.
Our response to the SEC’s complaint.https://t.co/mgXxGTKr67
— Binance (@binance) June 5, 2023
In a blog post, Binance expressed disappointment with the SEC’s decision to file the complaint and highlighted its active cooperation with the regulatory body throughout the investigation.
The company believes the SEC has abandoned a collaborative approach and chosen to act unilaterally.
While taking the allegations seriously, Binance firmly asserted that they should not be the basis for an emergency enforcement action. The exchange intends to vigorously defend its platform against the SEC’s claims.
Moreover, Binance criticized the SEC’s approach, stating that it exemplifies a misguided use of enforcement and litigation rather than providing much-needed clarity and guidance to the digital asset industry.
The blog post highlighted the SEC’s actions as undermining America’s role as a global leader in financial innovation and expressed concerns about the detrimental impact on the broader crypto industry.
Binance emphasized that allegations suggesting user assets on the Binance.US platform were at risk are unfounded, emphasizing the safety and security of user assets on all Binance platforms.
They argue that the SEC’s goal appears to be making headlines rather than protecting investors.
While acknowledging the regulatory challenges faced, Binance reiterated its commitment to cooperation with regulators and policymakers in the U.S. and worldwide.
The exchange stands alongside digital asset market participants in opposing what it perceives as the SEC’s overreach.
Binance concluded by expressing its determination to collaborate with industry partners to defend the technology and ensure the development of cryptocurrency regulations that foster innovation while upholding essential consumer protections.
As the legal battle unfolds, Binance pledge to maintain their efforts in delivering a safe and trusted platform for users while furthering the freedom of money.
