Binance.US says it’s ‘prepared’ for discovery as legal battle with SEC advances
Quick Take
- Binance.US said the Securities and Exchange Commission has yet to identify evidence of wrongdoing by the American entity.
- A federal judge ruled on Friday that the court upheld most of the SEC’s charges against Binance.US.
Binance.US, the American arm of the world’s largest cryptocurrency exchange, said that it was already “prepared” for Friday’s court ruling that the Securities and Exchange Commission’s case against the exchange will continue.
The company wrote in an X post that it “looks forward” to the case moving to further discovery. “Notably, the SEC has yet to identify any evidence of wrongdoing on the part of Binance.US throughout the extensive, 11-month discovery process in which we have participated to date,” Binance.US said in the post.
Binance’s response comes after a U.S. federal judge on Friday dismissed part of the SEC’s lawsuit against Binance and Changpeng Zhao, the exchange’s founder, but upheld most of the agency's charges against Binance.US. Those charges include potentially offering unregistered investment products and violating anti-fraud provisions.
In the X post, Binance.US added that it has always employed the "limited guidance” the SEC offered to stay compliant.
“It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulation by enforcement approach and politically motivated overreach under its current leadership,” the company said.
In June 2023, the SEC sued Binance, Binance.US and Zhao for charges including violations of securities laws. Zhao is currently serving jail time for his charges from the Department of Justice.
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