On June 5, the U.S. Securities and Exchange Commission ( SEC ) filed 13 charges against Binance and founder Changpeng Zhao , including operating an unregistered exchange, broker-dealer, and clearing house; misrepresenting trading controls and Surveillance; unregistered offerings and sales of securities; failure to restrict US investors' access to BINANCE.COM; misleading investors, and more.
Binance issued a public article responding to this allegation, saying that any allegations that user assets on the Binance US platform were ever at risk are false, and that all user assets on Binance and Binance-affiliated platforms (including Binance.US) are To be safe, Binance will vigorously defend itself against any false allegations. Binance believes that the SEC’s actions seem to be in a hurry to compete for jurisdiction from other regulators , and protecting investors does not seem to be the SEC’s top priority.
The following is the full text of Binance’s response:
We are disappointed that the US Securities and Exchange Commission (SEC) chose to sue Binance today. From the beginning, we have actively cooperated with the SEC's investigation, working hard to answer their questions and address their concerns. In the recent past, we have had extensive and friendly discussions in anticipation of a negotiated settlement to complete the investigation. Despite our efforts, the SEC's allegations today represent an abandonment of their consultations with us and the choice of unilateral action and litigation.
Binance takes the SEC’s allegations seriously, and we should not be the target of the SEC’s enforcement actions, let alone in an emergency. We will firmly defend the rights and interests of the platform. The SEC’s refusal to actively engage with us is yet another example of the Commission’s misleading and willful refusal to provide clear guidance and advice to the cryptoasset industry. As with other crypto industry projects facing similar lawsuits, today's action is just one of many cases in which the Commission has decided to use the brute force of enforcement and litigation to regulate regulation, rather than the thoughtful, nuanced approach that a dynamic and complex technology demands. Methods. Unilaterally labeling certain tokens and services as “securities,” including even tokens over which other U.S. authorities have claimed jurisdiction, will only compound these issues.
Perhaps most surprising of all, the SEC's actions undermine America's position as a global financial innovator and leader. In many countries and regions in the world, the laws of encrypted assets are still relatively imperfect, and supervision by means of law enforcement is not the best way forward. An effective regulatory framework requires cooperative, transparent, and prudent policy engagement, yet this is the path the SEC has abandoned.
To be clear: the allegation that "user assets on the Binance.US platform were at risk" is completely false, and given that the SEC staff had ample time to investigate, their actions were completely without reason or basis. All users' assets on Binance and its affiliated platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary. Instead, the SEC's action appears to be an attempt to wrest jurisdiction from other regulators -- and investors' interests don't appear to be the SEC's primary concern. Due to its size and global popularity, Binance is now an easy target in the US regulatory tug of war . As things stand, it seems the SEC's goal was never to protect investors. If they value investors, the SEC staff will communicate with us prudently based on facts and work with us to prove the safety and security of the Binance.US platform. However, the SEC's real intention seems to be simply to attract attention.
We will continue to work with regulators and policymakers in the United States and around the world because it is the right thing to do . In the meantime, Binance will continue to be actively involved in ensuring that the next generation of cryptocurrency regulation fosters innovation while protecting consumers. Since Binance.com is not a U.S. exchange, the SEC has limited scope for action. Nevertheless, we still hope that participants in the U.S. crypto asset market will oppose the SEC’s latest overreach and are ready to fight for their legitimate rights and interests in accordance with local laws.
We will work with industry partners to defend blockchain technology from misleading lawsuits. We will work tirelessly to provide users with a safe and trustworthy platform, true to our core values of promoting financial freedom.
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