Binance US VS SEC: The Battle over the Legality of the Crypto Market in the United States

Bittime - Binance US, a leading crypto asset trading platform, is facing a lawsuit from the United States Securities and Exchange Commission (SEC). The Binance US VS SEC drama continues after a federal court in the District of Columbia refused to dismiss the lawsuit.

Binance VS SEC: Binance Ready to Face Lawsuit from SEC

Through social media, Binance US expressed its readiness to face a lawsuit from the SEC. 

"We respect the court's decision. Our team is ready and can't wait to continue this case through the applicable legal process," wrote Binance US. 

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"Interestingly, during the 11-month investigation process, the SEC has not found any evidence of violations committed by Binance US."

Binance US itself feels confident that it can win this lawsuit. They argued that the SEC's allegations were not supported by facts or law. 

"We believe the SEC does not actually have the authority to do this," stressed Binance US. 

"We believe the courts will eventually see the truth of this."

Furthermore, Binance US emphasized their commitment to protecting users. "We always maintain a proportional reserve of user assets (1:1) and run a strict compliance and risk management program to ensure the security and integrity of our platform," explained Binance US.

SEC Regulations Considered Unclear

They also regret the SEC's regulatory approach which is considered unclear and smells of political interests. 

"It is unfortunate that we, along with other crypto companies, are falling victim to the 'chase first then regulate' regulations and aggressive, politically motivated actions under the current leadership of the SEC," criticized Binance US.

Interestingly, the court's decision this time does not necessarily rule in favor of the SEC. The lawsuit regarding the secondary sale of BNB tokens (Binance's cryptocurrency) and the sale of BUSD stablecoin was rejected. 

Consensys also experienced a case similar to Binance VS SEC

A similar case was also experienced by Consensys Software, developer of the Metamask crypto wallet. They expressed the belief that the SEC does not have the authority to regulate software interfaces like Metamask and were ready to fight the lawsuit.

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This development is a strong signal that the future of crypto regulation in the United States is still gray. Disputes between regulators and crypto industry players are increasingly fierce, and clear legal certainty is still awaited.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.