Binance responds to the US SEC: Lawsuit is beyond the authority, will fight it to the maximum extent permitted by law

Source: Binance

Translation: Karen, Foresight News

In response to the lawsuit brought against Binance by the US Securities and Exchange Commission (SEC), Binance issued a statement saying: We are disappointed that the SEC has chosen to sue Binance. From the beginning, we have been actively cooperating with the SEC’s investigation and have made efforts to respond to questions and address their concerns. Recently, we have had extensive discussions to reach a negotiated settlement and resolve their investigation.

Despite our efforts, the SEC has chosen to sue us today, choosing to take unilateral action by filing a lawsuit. We are disappointed with this choice.

While we take the SEC’s charges seriously, they should not be the subject of SEC enforcement action.

We will do our best to defend our platform. Unfortunately, the SEC has refused to engage with us in productive discussions, which is another example of the SEC’s refusal to provide much-needed clarity and guidance for the digital asset industry.

Like other cryptocurrency projects facing similar lawsuits, the SEC has chosen enforcement and litigation as a means of regulation, rather than thoughtful consideration.

The SEC unilaterally designates certain tokens and services as securities (even those that other US authorities claim jurisdiction over), which only serves to compound these issues.

What is most surprising is that the SEC’s actions undermine the role of the United States as a global center of financial innovation and leadership. In most parts of the world, digital asset laws are largely yet to be formulated, and enforcement regulation is not the best way forward. Instead, effective regulatory frameworks require collaborative, transparent, and thoughtful policy involvement, which the SEC has abandoned.

It should be clear that any allegations that user assets on the Binance.US platform were ever in a state of risk are false. All user assets on Binance and its affiliated platforms, including Binance.US, are safe and secure.

Instead, the SEC’s action appears to be a hasty attempt to assert jurisdiction over other regulatory bodies, with investors not seeming to be the SEC’s top priority. Due to our scale and global notoriety, Binance is now an easy target for the “US regulatory tug-of-war.”

Given these, the SEC’s goal seems to have never been about protecting investors, but more about driving headlines.

We will continue to work with regulators and policy makers across the US and globally, and this is our right. Binance remains committed to ensuring that innovation is promoted while also implementing and upholding important consumer protections in the next generation of crypto regulation. As Binance is not a US exchange, the scope of the SEC’s actions are limited. Nonetheless, we stand with US digital asset market participants in opposing the SEC’s overreach and are prepared to fight against it to the fullest extent permitted under the applicable law.

We will work with industry partners to protect this critical technology from frivolous litigation and continue our relentless efforts to provide users with a safe and reliable platform, adhering to our core values of promoting monetary freedom.

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