Binance Labels SEC's Complaint as “Disappointing”, Denies Allegations

Binance Ready to "Defend Platform Vigorously"

Binance has expressed its disappointment in the U.S. Securities and Exchange Commission (SEC) for filing a complaint against the company. 

The exchange asserts that it has been actively cooperating with the SEC's investigations, engaging in good-faith discussions and seeking a negotiated settlement. However, the SEC has chosen to pursue litigation unilaterally, instead of continuing the collaborative process, a decision that Binance finds disheartening.

While Binance takes the SEC's allegations seriously, it believes that they should not warrant enforcement action, especially on an emergency basis. 

“We intend to defend our platform vigorously.  Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry,” said the report. 

Binance argues that the SEC's enforcement and litigation approach to regulating cryptocurrencies undermines America's position as a global financial innovation hub. The company emphasizes the need for collaborative, transparent, and thoughtful policy engagement to establish an effective regulatory framework. Binance further asserts that user assets on its platforms, including Binance.US, have never been at risk, and it will vigorously counter any contrary allegations.

According to Binance, the SEC's actions appear to be driven by a desire for jurisdictional control rather than investor protection. The company believes that the SEC's intent is to generate headlines rather than engage with Binance on factual matters and the safety of its platform.

A number of industry leaders and the wider crypto community have expressed support for Binance and its CEO CZ, notably Tron founder Justin Sun, who believes in the famous integrity of the Binance CEO and his dedication to advancing the crypto industry.  

Despite the limited reach of the SEC's actions due to Binance not being a U.S. exchange, the company stands with digital asset market participants in opposing what it views as the SEC's overreach. Binance expresses its commitment to cooperating with regulators and policymakers globally, emphasizing the importance of fostering innovation and consumer protection in cryptocurrency regulation. The company intends to defend the technology against misguided lawsuits and continue providing a safe and trusted platform for its users.

What is Binance:

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

Where to find Binance:

Website | Twitter | Discord | Telegram |