Binance on SEC’s lawsuit on Monday: ‘we’ll vigorously defend’

• SEC sued Binance for violating securities legal guidelines on Monday.
• Right here’s what Binance stated in its response to the regulator.
• Coinbase World ended 10% down on as we speak’s growth.

Binance is in concentrate on Monday after the U.S. Securities and Change Fee (SEC) sued the world’s main crypto trade.

Right here’s what Binance stated in its response to SEC

In its lawsuit, the regulator accused Binance in addition to its CEO Changpeng Zhao for failing to adjust to the U.S. securities legal guidelines. The CFTC had beforehand filed such fees towards the crypto firm as nicely.

SEC additionally alleged that Binance commingled consumer funds value billions of {dollars} with Advantage Peak Restricted – a CZ-controlled European firm. Solely hours later, although, Binance declined claims of wrongdoing and stated in its official response to the regulator:

Any allegations that consumer property on the Binance.US platform have ever been in danger are merely unsuitable. We’ll vigorously defend towards any allegations on the contrary.

Crypto neighborhood stood with Binance on Twitter

On Twitter, the crypto neighborhood demonstrated help for Binance and CEO Changpeng Zhao. Many discovered the SEC unfair in the best way it was coping with crypto property in the US.

In its response, Binance additionally stated that the regulator’s overreach was hurting the U.S. fame as a worldwide hub for monetary innovation. Nonetheless, it added:

We’ll proceed to cooperate with regulators and policymakers throughout the globe. We stay dedicated to productive engagement to make sure next-gen of crypto regulation fosters innovation.

SEC’s lawsuit towards Binance noticed shares of peer Coinbase World Inc lose about 10% as we speak.