Binance.US, the US arm of the world’s largest crypto exchange by trading volume, Binance, is ready for the next phase of its ongoing legal dispute with the Securities and Exchange Commission (SEC), according to a July 1 statement.
The firm declared:
“On Friday, the court decided that the SEC’s case against Binance.US will proceed. We were prepared for this and look forward to moving this case forward through the judicial process.”
SEC allegations
This statement followed failed efforts to dismiss the SEC’s allegations of its alleged violations of securities law.
On June 28, US District Judge Amy Berman Jackson upheld 10 of the 13 charges filed against Binance by the SEC. The judge ruled that charges related to the initial coin offering, ongoing BNB sales, strike services, failure to register and fraud could proceed.
However, she dismissed charges related to the BNB secondary sales and the Simple Earn product.
Binance’s response
In response, Binance stated that the ruling was expected and that it was prepared to move forward with the case.
The company noted that the SEC has not yet found any evidence of wrongdoing during the 11-month investigation period, and remains confident that the regulator’s positions are not supported by the law.
There stood:
“We remain confident in our position that the SEC’s case is not supported by the facts or the law, and that the Commission does not have the authority it seeks to exercise in bringing its action against us. We are confident that this position will be confirmed by the Court in due course.”
The exchange also noted that its operations had always been compliant with local laws, praising its “robust compliance and risk programs,” which ensure the safety and security of the platform.
Additionally, Binance.US said it has adhered to the regulator’s limited guidelines for the emerging industry and believes the current lawsuit is further evidence of the SEC’s ‘regulation-by-enforcement’ approach. It added:
“It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulatory enforcement approach and politically motivated overreach under its current leadership.”