- The exchange has been actively cooperating with the agency
- Binance has, however, refused to cooperate after filing the suit
- Binance is taking the SEC’s charges seriously
- All customer assets are safe
The Binance cryptocurrency exchange has responded to the Securities and Exchange Commission suit. It states that the SEC’s complaint seeks to unilaterally determine the structure of the cryptocurrency market.
“We are disappointed by the SEC’s decision today to file a complaint against Binance, seeking extraordinary remedies. From the beginning, we have sought to cooperate with SEC investigations, and have done our best to respond to their inquiries and resolve problems. Even more recently, we have had constructive negotiations with the goal of reaching a settlement by agreeing and completing the investigation. However, the SEC withdrew from the process by filing a complaint today and decided to pursue a unilateral lawsuit,” Binance said in a statement.
The company also said in a statement that it takes the SEC charges seriously, but that they should not be subject to enforcement proceedings. Binance also said it would protect its platform. Today’s case is another example in a series of similar cases where the SEC has decided to use blunt weapons of enforcement instead of the sensible and insightful approach that this technology needs.
All user assets are currently safe. And the SEC’s actions are designed to wrest jurisdiction from other regulators, and investors are not their priority. Because of its popularity, Binance is an easy target for U.S. regulators. The SEC never seems to have tried to protect them
The company says it will continue to work with regulators and policymakers in the United States.