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Binance Disappointed With SEC Lawsuit Against Cryptocurrency Site

June 6, 2023
6:02 AM

Cryptocurrency exchange Binance answered to a lawsuit from the Securities and Exchange Commission. It states that the SEC complaint is aimed at unilaterally determining the structure of the cryptocurrency market.

“We are disappointed with the decision of the SEC, which today decided to file a complaint against Binance seeking emergency legal remedies. From the outset, we have been committed to cooperating with SEC investigations and have done our best to respond to their inquiries and resolve issues that have arisen. More recently, we held constructive talks with the aim of reaching a settlement by agreeing and completing the investigation. However, the SEC abandoned this process by filing a complaint today and decided to pursue a one-sided lawsuit,” Binance said in a statement.

Also in its message, the company said that it takes the SEC allegations seriously, but they should not be the subject of enforcement proceedings. Binance also stated that it will protect its platform. Today’s case is yet another example in a series of similar cases where the SEC chose to use blunt weapons of law enforcement instead of the sensible and in-depth approach required for this technology.

Currently, all user assets are safe. And the actions of the SEC are aimed at wresting jurisdiction from other regulators, and investors are not their priority. Due to its popularity, Binance is an easy target for the US regulator. Seems like the SEC never tried to protect them

The company said it will continue to work with regulators and politicians in the United States.

Source: Cryptocurrency

David

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