Binance.US is ‘Prepared’ as SEC Lawsuit Moves Forward

Joshua Ramos
Binance.US Faces SEC Allegations of Fictitious Crypto Wash Trading
Source: Coingape

Crypto exchange Binance.US has said it is “prepared” to face the US Securities and Exchange Commission (SEC) in a lawsuit that is now set to continue. The firm took to X (formerly Twitter) to discuss the impending legal fight. The company said they “look forward to having this case move forward in the judicial process.

The United States-based arm of the Binance cryptocurrency exchange is facing several securities violations allegations from the agency. Indeed, the SEC claims that the company offered unregistered investment products while breaching anti-fraud measures. In their recent statement, the exchange maintained their commitment to compliance, and reaffirmed their innocence.

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Following a string of lawsuits over the last several years, Binance.US has emerged as the latest firm to face off against the SEC in court. In a recent announcement, the company addressed the conflict and spoke firmly about its commitment to its customers.

The company says it was “established with the express purpose of serving United States customers,” and abiding by US regulations. “We maintain 1:1 reserves for all customer assets and have robust compliance and risk programs which ensure the safety, security, and integrity of our platform.”

Source – Binance

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In the announcement, the exchange alleges that the SEC offered “limited guidance” to the crypto industry. Moreover, they said, “It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulation by enforcement approach and politically motivated overreach under its currency leadership.”

Binance. US said that the case will now face “further discovery.” Furthermore, they claim the agency “has yet to identify any evidence of wrongdoing,” from the exchange. Even though the SEC has had more than 11 months to find such evidences to this point. Still, the company reinforced its commitment to customers. They assured the company is “on strong footing” while proclaiming “the fight continues.”