Binance Says it Will Defend Itself “Vigorously” Against the SEC

The team at Binance has issued a response to the SEC’s filing thirteen charges against the crypto exchange and its founder and CEO, Changpeng Zhao.

Binance Tried to Negotiate a Settlement with the SEC

According to the Binance team, they had attempted to cooperate with the SEC’s investigations and had worked to answer all the regulator’s questions. However, despite their efforts and even negotiating a settlement, the SEC went ahead with the lawsuit.

The Binance team explained:

Most recently, we have engaged in extensive good-faith discussions to reach a negotiated settlement to resolve their investigations. But despite our efforts, with its complaint today the SEC abandoned that process and instead chose to act unilaterally and litigate. We are disheartened by that choice.

Binance Will Defend Itself Against the SEC

The Binance team added that they were ready to defend the platform from all charges by the SEC.

While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis.

We intend to defend our platform vigorously. Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry.

The SEC’s Actions Undermine the US’s Position as a Financial Innovation Hub

The Binance team further cautioned that the SEC’s actions could hurt the US’s position as a global hub for financial innovation.

Perhaps most surprising, the SEC’s actions undermine America’s role as a global hub for financial innovation and leadership.  Digital asset laws remain largely undeveloped in much of the world, and regulation by enforcement is not the best path forward.  An effective regulatory framework demands collaborative, transparent, and thoughtful policy engagement – a path the SEC has abandoned.

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