Statement on the lawsuit filed by Binance

Statement on the lawsuit filed by Binance

Cryptocurrency exchange Binance, regarding the lawsuit filed by the SEC published a statement.

Binance stated that they were disappointed with the lawsuit and claimed that they had been in cooperation with the regulators from the beginning.

“Despite our efforts, the SEC abandoned the process with the lawsuit it filed today. Instead, it chose to act unilaterally and file a lawsuit. We are saddened by this choice.”

The exchange said that they take the SEC’s allegations seriously, but that this issue should not result in a sanction. Additionally, he stated that the regulator refused to engage with them.

Problems will increase

Binance pointed out that unilaterally qualifying tokens as securities would exacerbate existing problems:

“Today’s action, as in similar cases, is another example of the regulator’s willingness to impose harsh sanctions rather than the thoughtful and nuanced approach technology requires. To qualify certain tokens and services as securities will only exacerbate existing problems.”

Binance argued that the SEC’s moves also undermine the US’s role as a global hub for finance and innovation.

“Perhaps most surprising, the actions of the SEC have undermined America’s role as a global hub for financial innovation and leadership. The laws regarding digital assets are largely undeveloped in much of the world, and enforcement through enforcement is not the best way forward. “It requires an impressive regulatory framework, collaborative, transparent and thoughtful policy. This is a path the SEC has abandoned.”

Users’ assets are safe

Binance further denied the allegations that users’ funds were in danger.

“All claims that user assets on the Binance US platform are at risk are completely false.

User funds are safe on all Binance-affiliated platforms, including Binance and Binance US.

Looking at these developments, the stock market said that the aim of the SEC was never to protect investors.

Finally, Binance emphasized their previous statements and underlined that they will continue to cooperate with regulators.

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