Binance US responded to the court’s decision to let the SEC lawsuit proceed. They said they are confident in their stance and criticized how the SEC is handling things. It stated, “We remain confident in our position that the SEC’s case is unsupported by the facts or the law and that the Commission lacks the very authority it seeks to wield in bringing its action against us,”
Binance US Issues Statement Following SEC Lawsuit Decision
On Monday, Binance US responded to the court’s decision about the SEC lawsuit on social media platform X. On Friday, the U.S. District Court for the District of Columbia allowed the SEC’s case against Binance US to continue.
“On Friday, the Court decided that the SEC’s case against Binance US will continue. We were prepared for this and look forward to having this case move forward in the judicial process,” Binance US stated. “From here, the case will move to further discovery. Notably, the SEC has yet to identify any evidence of wrongdoing on the part of Binance US throughout the extensive, 11-month discovery process in which we have participated to date.”
The crypto exchange continued:
We remain confident in our position that the SEC’s case is unsupported by the facts or the law, and that the Commission lacks the very authority it is seeking to wield in bringing its action against us. We believe this position will be validated by the Court in due course.
The platform elaborated: “We maintain 1:1 reserves for all customer assets and have robust compliance and risk programs which ensure the safety, security, and integrity of our platform. We have always utilized the limited guidance that the SEC has offered to the crypto industry to operate our business in a compliant way. It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulation by enforcement approach and politically motivated overreach under its current leadership.”
Although the U.S. District Court for the District of Columbia allowed the lawsuit against Binance US to proceed, it dismissed SEC allegations about secondary BNB sales and the sale of the stablecoin BUSD. Last week, Consensys Software also expressed confidence that the SEC lacks the authority to regulate software interfaces like Metamask and emphasized that it will fight the SEC’s lawsuit. The regulator claims that Consensys conducted unregistered securities offers and sales through Metamask staking and operated as an unregistered broker through Metamask staking and swaps.
FAQs
What is Binance?
Binance Holdings Ltd., commonly known as Binance, is the world’s largest cryptocurrency exchange by trading volume, serving over 90 million users in over 180 countries. Founded in 2017, Binance is a trusted leader in the crypto space, renowned for its extensive range of altcoin trading options. The platform offers over 350 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its proprietary coin, BNB, handling a daily trading volume of $76 billion as of August 2022.
Its ecosystem includes various services such as Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT, and more. It enables users to buy, sell, and store their digital assets, offering thousands of trading pairs and comprehensive resources for all levels of crypto enthusiasts.
How does Binance pay you?
The crypto exchange platform typically pays users through the withdrawal methods they choose, including bank transfers, cryptocurrency withdrawals, or other supported payment methods depending on the user’s location and preferences. Users can set up their preferred withdrawal methods in their Binance account settings.
Who Are the Binance Founders?
Binance was founded by Changpeng Zhao and Yi He in China. Changpeng Zhao, often known as CZ, is a Chinese-Canadian developer and business executive who serves as the CEO of Binance. An alumnus of McGill University in Montreal, CZ has an impressive entrepreneurial background. He has previously led the Bloomberg Tradebook Futures Research & Development team, founded Fusion Systems, and served as the Head of Technology at Blockchain.com.
Yi He, Binance’s Chief Marketing Officer and Head of Binance Labs, the company’s venture capital arm, also has a distinguished career. She was previously the Vice President at Yixia Technology, a leading mobile video tech company, and co-founded the digital asset exchange OKCoin.
Binance Restricted Countries
According to Binance’s Terms of Use, certain locations, such as the United States, Singapore, and Ontario (Canada), are restricted from accessing their services. Moreover, due to regulatory restrictions, countries like China, Malaysia, Japan, the UK, and Thailand have limited access or features. Futures and derivatives products are unavailable in Germany, Italy, and the Netherlands.
In September 2019, the platform introduced a dedicated platform called Binance.US to serve to clients in the United States.
What is the minimum deposit amount on Binance?
Binance does not impose a minimum deposit requirement, allowing users the flexibility to deposit any amount they choose. However, it’s worth noting that the minimum trade amount on the platform is usually higher than the minimum deposit amount.
How Much Are Binance Fees?
The platform is known for its user-friendly interface and competitive pricing. It offers a wide range of transaction types and advanced trading tools for experienced investors. It employs a tiered fee system, ranging from regular users to VIP 9. For regular users, the spot trading fee is set at 0.10% for both maker and taker. In July 2022, The platform introduced zero-fee trading for BTC spot trading pairs, and in August, it extended this offer to ETH/BUSD pairs.