Binance.US, the American branch of the global cryptocurrency exchange Binance, is preparing for legal confrontations with the Securities and Exchange Commission (SEC). According to recent announcements, Binance.US is gearing up for an extensive period of legal discovery.
The SEC has accused Binance.US of violating securities laws by offering unregistered investment products and committing anti-fraud breaches. In response, Binance.US has reaffirmed its commitment to U.S. regulations, stating its establishment was specifically to serve American customers and abide by U.S. laws.
Critically assessing the SEC’s regulatory tactics, Binance.US criticized the agency’s approach as “regulation by enforcement.” It further suggested that its challenges may be influenced by political motives from the current administration, under the leadership of Chair Gary Gensler.
Despite expressing confidence in its legal position and stating the SEC has yet to present evidence of wrongdoing, Binance.US faced setbacks in its legal maneuvers. A recent court filing on June 28th saw most of the SEC’s allegations remaining unresolved, particularly the claim involving Binance CEO Changpeng “CZ” Zhao’s role as a “control person.”
Throughout an 11-month discovery phase, Binance.US maintained that the SEC’s case lacks factual or legal support. However, these arguments did not sway the court’s decision in the recent filing.
In other news, Crypto-Sec reported incidents of phishing scams targeting Hedera users, with a malicious actor gaining $70,000 through address tampering.