U.S. SEC drops a case complaint against Binance and its CEO.
Binance ensures the stability of the systems operating for user needs.
Binance, the major cryptocurrency exchange, and its CEO, Changpeng Zhao have received nearly 13 case files from the United States Securities and Exchange Commission (U.S. SEC) so far. Meanwhile, on Monday, a case complaint was raised in US Federal Court against Binance.
The case file includes the unregistered security exchanges with repudiated protection rules by selling them through misleading trading operations. However, the chairperson of the U.S. SEC, Gary Gensler said:
“Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”
What Does CZ Binance Reply?
Moreover, Gensler warned U.S. investors to be aware of spending their assets on unlawful platforms meant Binance. As soon as the case filling reached the Binance team, the media overruled the information, says Binance’s CEO.
Changpeng Zhao added that the team is working with the ensured systems and are stable for all of their users’ deposits and withdrawal processes. Even though the lawsuit from Commodity Futures Trading Commission (CFTC) disappointed Binance of breaking rules in March 2023.
Furthermore, Changpeng Zhao tweeted that the team had yet to see the complaint. Also, there will be a response sent back to U.S. SEC as soon as the complaint is seen, it added.
Binance Addressing SEC’s Complaint
Binance claims that they consider the U.S. SEC allegations raised on its platform regarding risky operations seriously. Also, the company defends the allegations are liable to the contrary.
Meanwhile, the U.S. SEC’s action was truly disappointing, the Binance conveyed. Yet, it stands worth cooperating with the policymakers and regulators since they are ready to fit in even after they would probably support the growth of crypto innovations for future prospects.
And, the lawsuits proclaimed are yet to be processed and we make prolonged efforts so that the safe and secure platform would extensively support the users for their exchanges. These assorted jurisdictions would be sorted out and we are working on it, says the Binance team.