Binance US, which has reached an agreement with the SEC this morning to not move Binance US assets out of the US, has published an update on this issue and the general litigation process.
Here are the messages given:
“We would like to provide an update on the current battle Binance.US is having with the SEC. We are pleased to report that the court did not accept the SEC's TRO request and the freezing of assets on our platform, which was clearly unfair by both the facts and the law.
Instead, we were able to reach an agreement with the SEC by court order that allowed us to continue our normal business. No evidence of misuse of client assets has been presented by the SEC. In fact, SEC lawyers admitted in Court earlier this week that when asked by the Judge, they had no evidence that such a thing had happened.
The SEC's request would effectively shut us down, consistent with the agency's continued attempts to kill the cryptocurrency industry in every way, even by making claims that are not supported by the facts.
This struggle has damaged our business and reputation, but it has not damaged our fighting spirit or our determination to defend ourselves against groundless accusations and "sanctioned regulation" tactics that do not belong to our justice system.
We look forward to continuing to defend ourselves in court.”
On June 5, the SEC told Binance, its CEO and founder, Changpeng Zhao, and the operator of Binance.US that Binance artificially inflated trading volumes, diverted client funds elsewhere, failed to block US customers from its platform, and failed to block investors from the market. He filed a lawsuit for allegedly misdirecting surveillance controls.
*Not investment advice.