The platform team has acknowledged that the court has decided to continue the regulator’s case against Binance.US. They have expressed their readiness for this and are looking forward to the case moving forward in the judicial process, as stated in a Binance.US statement. Furthermore, Binance.US has emphasized that it was established to serve clients in accordance with U.S. rules and regulations, and claims to have conducted business in compliance with the limited guidance provided by the SEC to the industry. They also mentioned that they, along with other companies in the industry, have been affected by the SEC’s regulation approach and overreach under its current leadership, as per the statement.
The SEC has not yet identified any evidence of wrongdoing by the exchange during its 11-month process. Binance.US emphasized that the SEC’s case must be supported by the facts or the law and that the Commission needs more authority to bring a claim. They reaffirmed their commitment to providing Americans access to digital assets, despite failing to convince a U.S. court to dismiss most of the charges brought against them by the SEC. The SEC’s investigation into various aspects of Binance’s activities, including the ICO and subsequent sales of the BNB platform, the BNB Vault program, failure to register, and failure to comply with anti-fraud regulations, will continue.
The court document also indicates that the Commission recognized the BNB token and the BUSD stablecoin, which bears the exchange’s brand, as securities. In December 2023, the regulator published documents that included undisclosed evidence and admissions of guilt by the trading platform. Despite a settlement with the DOJ, the SEC plans to continue legal proceedings against Binance. The platform has admitted to knowingly violating the law in an agreement with the DOJ, but argues that the SEC never notified it of non-compliance with securities regulations.
The ongoing lawsuit against Binance is part of a broader crackdown on the crypto industry by the SEC. The outcome of the lawsuit will likely have significant consequences for Binance and the wider cryptocurrency market, as the SEC continues to take enforcement action against crypto firms.
