Binance, the world's largest cryptocurrency exchange, recently scored a victory in the US after a federal judge rejected the SEC's request for a temporary restraining order (TRO).
Source: "Binance Is Not Celebrating But This Decision Is A Big Victory For The Company"
The SEC said on Tuesday that Binance and its CEO, Changpeng Zhao, have set up a "scam network" to operate unregistered exchanges, brokerages and clearing houses; misrepresent trading controls and surveillance on the Binance.US platform; and BNB, claiming that it violated various securities laws, including offering and selling unregistered crypto assets such as BUSD and crypto loan products.
Speaking on condition of anonymity to cryptocurrency journalist Eleanor Terrett, an industry insider said Binance "celebrates a crushing defeat for the SEC" and that the judge's decision "clearly conveyed to regulators around the world that the SEC does not have the materials to substantiate its most damaging allegations." He said he sent a message.
🚨NEW: From an industry insider in response to the judge’s @binance/@SECGov TRO ruling:
“Binance put out a restrained public response to the TRO ruling out of respect for the judge, but they are celebrating what is a crushing defeat for the SEC.” 👇🏼 pic.twitter.com/DbUdiGP8zg
— Eleanor Terrett (@EleanorTerrett) June 17, 2023
The source said that Binance gave a "measured public reaction" to the decision out of respect for the judge.
However, the source from the crypto industry said that TRO requests from government agencies are extremely rarely denied by the court, so it is remarkable for Binance that the TRO request was denied in the case between the SEC and Binance.
*Not investment advice.
