Binance Responds to SEC Complaint, Vows to Defend Platform

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Crypto News > Binance Responds to SEC Complaint, Vows to Defend Platform

The U.S. Securities and Exchange Commission (SEC) has filed a complaint against Binance, one of the world’s largest cryptocurrency exchanges.

In response, Binance has expressed its disappointment with the SEC’s unilateral action and lack of engagement, vowing to vigorously defend its platform and the future of financial innovation

Since the inception of the SEC’s investigations, Binance has been actively cooperating with the regulatory body. The exchange has made consistent efforts to answer the SEC’s inquiries and address any concerns raised. Recently, Binance engaged in extensive good-faith discussions, aiming to reach a negotiated settlement and resolve the ongoing investigations. However, the SEC’s complaint indicates a departure from the negotiation process and a preference for litigation.

While Binance acknowledges the seriousness of the SEC’s allegations, the exchange firmly believes that these matters should not warrant an emergency enforcement action. Binance has committed to defending its platform vigorously against the SEC’s claims. Additionally, the exchange criticizes the SEC’s refusal to engage in productive discussions, further highlighting the regulatory body’s lack of clarity and guidance for the digital asset industry.

Binance emphasizes that the SEC’s approach of unilaterally labeling certain tokens and services as securities undermines the development of effective digital asset laws. Such an approach disregards the complexities and nuances of this rapidly evolving technology. Binance points out that the SEC’s regulatory decisions should be part of a thoughtful and collaborative process, rather than relying solely on enforcement and litigation measures.

To address concerns raised by the SEC’s complaint, Binance asserts that user assets on its platforms, including Binance.US, have always been safe and secure. The exchange strongly denies any allegations suggesting that user assets have been at risk. Binance expresses its commitment to vigorously defend against such claims and emphasizes the SEC’s apparent attempt to claim jurisdictional ground from other regulators.

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