After Binance was sued by the SEC, the market suffered a serious decline.
After Binance was sued, Binance US, the US arm of Binance, the US arm of Binance, made statements. Binance US made a statement on Twitter.
Binance US Made a Statement on the Case on Twitter
The SEC sued Binance and company CEO Changpeng Zhao today for negligence of the securities law. After the news of this lawsuit, the market experienced a serious decline. Regarding the case, Binance CEO CZ expressed that they are ready for withdrawals, while SEC chairman Gary Gensler shared details about the case. However, Binance US made statements on its Twitter account.
Today, the SEC filed civil claims against https://t.co/AZwoBOgsqS in what is the latest example of regulation by enforcement under the current Commission. To be clear, we believe the lawsuit is baseless and we intend to defend ourselves vigorously. However, we want to address…
— Binance.US 🇺🇸 (@BinanceUS) June 5, 2023
“Today, the SEC filed a civil action against Binance US in the latest example of executive regulation under the current Commission. To be clear, we believe the case is unfounded and we intend to defend ourselves vigorously. However, we would like to address a situation that has become very common for organizations and individuals operating in the American digital assets industry.
For nearly two and a half years, Binance has been in a good faith relationship with the US SEC. From the beginning, our commitment was consistent: to work constructively towards a clear, practical regulatory framework that enables businesses like ours to grow, create jobs, and ensure American consumers have secure access to digital assets.
While we are open to productive reconciliation that protects our customers and their digital assets, following this latest action against our business and similar action against Coinbase, Gemini, Kraken and other market participants, the SEC is calling for our digital assets to be virtually eliminated.
Simply put, today’s filing has not been justified by facts, law, or the Commission’s own case-law. The aid sought by the Commission will hurt the investors the SEC is obliged to protect. At the same time, instead of working to allow American businesses to thrive, it stifles innovation and punishes our company and industry.
We continue to urge Congress to enact and pass bipartisan legislation that establishes a viable regulatory regime for digital assets and reins in the bureaucratic overreach that our industry has fallen victim to. Until then, our country’s leading and innovative role will continue to be undermined.”
