Binance.US, the American arm of Binance, is gearing up for the next phase of its legal battle with the Securities and Exchange Commission (SEC). The recent decision by the Court to allow the SEC’s case against Binance.US to proceed signals that the exchange is in for a tough legal fight.
US District Judge Amy Berman Jackson upheld 10 out of 13 charges brought by the SEC against Binance.US. This ruling allows charges related to various aspects of Binance’s operations, such as initial coin offerings, ongoing BNB sales, staking services, and alleged fraud to move forward. However, charges related to secondary BNB sales and the Simple Earn product were dismissed.
Despite the Court ruling, Binance remains confident in its legal defense. The exchange asserts that the SEC has not found any evidence of wrongdoing during the 11-month discovery period. Binance maintains that the SEC’s allegations lack support from both factual and legal perspectives. The exchange believes that its compliance measures and risk programs align with regulatory requirements and ensure the safety of its platform.
Regulatory Compliance and Industry Guidance
Binance.US emphasizes that its operations have always complied with local laws and regulations. The exchange highlights its robust compliance and risk management programs as evidence of its commitment to regulatory compliance. Binance also states that it has followed the SEC’s limited guidance for the crypto industry. The exchange sees the SEC’s lawsuit as an example of regulatory enforcement rather than constructive industry guidance.
Binance.US is poised to defend itself vigorously in the legal battle with the SEC. The exchange remains steadfast in its belief that the SEC’s case lacks merit and looks forward to resolving the dispute through the judicial process. Despite the challenges ahead, Binance appears confident in its legal position and its commitment to compliance with regulatory requirements.