Binance responds to SEC claims, plans to defend the platform vigorously

Binance Exchange has responded to the allegations made by the US SEC
While the giant exchange has expressed disappointment, it has committed to defending the platform vigorously.
In a blog, Binance calls out the regulator for refusing productive engagement, citing conscious refusal to provide clarity and guidance to the industry.

Binance Exchange has reacted to the recent complaint by the US Securities and Exchange Commission (SEC), citing “Conscious refusal to provide much-needed clarity and guidance to the digital asset industry.”

Also Read: Binance and CEO face 13 charges by the SEC, citing securities laws violation

Binance responds to the SEC complaint

Binance has published a blog responding to the 13 charges filed by the SEC. The giant exchange has expressed disappointment in the regulator, calling it out for disregarding every show of good-faith it has expressed thus far.

Today, the SEC filed civil claims against https://t.co/AZwoBOgsqS in what is the latest example of regulation by enforcement under the current Commission. To be clear, we believe the lawsuit is baseless and we intend to defend ourselves vigorously. However, we want to address…
— Binance.US (@BinanceUS) June 5, 2023

Nevertheless, the exchange says it takes the litigation seriously and will move to “defend the platform vigorously.” Citing the largest crypto platform by trading volume:

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.

Binance to SEC, “Regulation by enforcement is not the best path forward.”

Binance has also accused the SEC of its determination to regulate with the blunt weapons of enforcement and litigation rather than the thoughtful, nuanced approach demanded by this dynamic and complex technology. According to the exchange, the regulator’s actions undermine America’s role as a global hub for financial innovation and leadership.

In closing, the exchange has assured that any allegations that user assets on the Binance.US platform have ever been at risk are false.

Notably, Binance Coin (BNB) suffered a 10% loss in light of the news.

Also Read: Binance Coin price crashes by 10% as SEC sues Binance and CEO Changpeng Zhao

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