Binance, The crypto-money platform, responded to the lawsuit filed by the United States Securities and Exchange Commission in Washington’s federal court.
The case presented by the SEC accuses the Binance platform of irregularly managing its users’ funds and lying to its investors. As a response, the platform stated that the lawsuit shows distrust from the SEC to initiate a deep dialogue that permits solving these issues. In this sense, the SEC would not be sticking to the due process with the crypto platform Binance also responded to the accusations by stating:
Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong.
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
The platform also informed that 80-million-dollar investments have been made and that this money comes from external partners. In this sense, Binance would be meeting the standard rule that requires it to show that the assets customers have on Binance.US are safe. If the case was the opposite, the situation would be irresponsible and harmful to its investors.
Besides, the company also said that they do not mix customers’ deposits and that the funds that do not come from investors are mostly users’ purchasing Binance’s crypto-token. So the money that was sent is supposedly separated, but this is yet to be confirmed.
Lastly, the platform has affirmed that it feels quite concerned about the potential impact of the accusation the SEC made and the consequences for its users and the market. Moreover, Binance affirmed that it will keep working with its lawyers to defend its financial and technological business.