- Binance.US has announced its preparedness for the next phase of its legal battle with the Securities and Exchange Commission (SEC).
- The American arm of the world’s largest cryptocurrency exchange reveals its stance following a crucial court ruling.
- Key accusations have been dismissed, but significant charges still remain as the legal proceedings continue.
Binance.US gears up for its critical legal battle stage, emphasizing transparency amidst ongoing SEC scrutiny.
Binance.US Prepares for Discovery Phase in Ongoing Legal Battle with SEC
This development follows a court decision allowing the SEC’s litigation against Binance.US to proceed. Binance.US has expressed its anticipation for the discovery phase, highlighting that the SEC has not uncovered any evidence of wrongdoing throughout an extensive 11-month investigation.
Judge’s Ruling Highlights Partial Victory for Binance.US
On Friday, a U.S. federal judge dismissed several allegations made by the SEC against Binance and its founder Changpeng Zhao. Nonetheless, the court upheld the majority of the charges, including the offering of unregistered investment products and violations of anti-fraud provisions. The decision marks a mixed outcome for Binance.US as it heads into a more detailed investigatory phase.
The Broader Implications for the Cryptocurrency Industry
Despite facing significant legal obstacles, Binance.US continues to emphasize its efforts to comply with the SEC’s limited guidance. In a public statement, the company pointed out the impact of the SEC’s enforcement-driven regulatory approach, stating, “Like many firms in our sector, we have fallen victim to the SEC’s overreaching regulations and politically motivated actions under its current leadership.”
Conclusion
As the legal battle progresses, Binance.US remains committed to upholding transparency and defending its operations in court. The discovery phase will be crucial in determining the future trajectory of both the company and regulatory practices within the cryptocurrency industry.
