Binance.US, the U.S. subsidiary of beleaguered exchange Binance, said the Securities and Exchange Commission (SEC) lawsuit against its platform was “baseless.”
on June 5th statementBinance.US said the lawsuit is the latest example of a regulatory approach by financial regulators to the crypto industry.
The SEC is “almost aiming to eradicate it,” according to the exchange. [of the crypto] Because it had taken similar measures against rival platforms like Coinbase, Kraken and Gemini.
Binance.US said:
“Today’s filing is not justified by fact, law, or the Commission’s own precedent. It will also stifle innovation and punish our company and industry instead of working to enable American businesses to thrive.”
The platform said it would defend itself against lawsuits, calling for “congress to step in and pass bipartisan legislation to create a viable regulatory regime for digital assets and curb bureaucratic excesses.”
disappointment with the lawsuit
among them statementparent company Binance said it was disappointed with the SEC’s decision to file a lawsuit against the company, despite its “extensive good faith consultation” and “cooperation” with the SEC’s investigation.
According to Binance, the regulator’s failure to productively engage with the platform “shows the Commission’s erroneous and conscious refusal to provide much-needed clarity and guidance to the digital asset industry.” It is said that there is
“The Commission has decided to regulate using the blunt instruments of enforcement and litigation rather than the thoughtful and nuanced approach required by this dynamic and complex technology. Labeling them as such, even those that other U.S. authorities claim jurisdiction over, only exacerbates these problems.”
Binance also said the lawsuit demonstrates the SEC’s lack of concern for investor protection. Instead, regulators rushed to claim jurisdiction over other regulators.
Binance was sued by the Commodity Futures Trading Commission (CFTC) in March for violating commodity regulations.
He added that Binance, due to its size and global profile, is an easy target and is now “in the middle of a U.S. regulatory tug of war.”
Post-Binance.US considers the SEC lawsuit to be “baseless.” Plans for self-defense first appeared in his CryptoSlate.
