Tuesday, 3 October 2023
CryptoCrypto Regulations

Binance.US Opposes the SEC’s Proposal to Block the Payments

Binance.US claims that the proposed temporary restraining order by the securities regulator against its assets would “effectively end” its company and has asked the court to reject the request.

The SEC‘s emergency request to block Binance.US’s operations was described as “draconian and unduly burdensome” by Binance.US in a June 12 filing. On June 13, the U.S. District Court for the District of Columbia will hold a hearing on the temporary restraining order.

Block the Payments

For allegedly failing to register as a securities exchange and allowing U.S. consumers to trade cryptocurrencies it says are securities, Binance.US has filed a complaint against the SEC. At least 68 cryptocurrencies are purportedly securities, according to the SEC, but Binance.US claims that the regulator has yet to name a single security that is traded on BAM’s platform.

Numerous cryptocurrency exchanges, including BAM, have allegedly functioned in the US without SEC interference, contradicting the assertion that they are unmistakably covered by securities rules, according to the SEC.

  • Binance.US criticized SEC’s emergency block, calling it “draconian and unduly burdensome.”
  • Binance.US files a complaint against SEC for failing to register securities exchange and trading cryptocurrencies.
  • SEC demands temporary restraining order on Binance.US assets.

To assist with an ongoing SEC investigation, Binance.US has made a lot of effort, which has resulted in the production of over 700,000 individual communications and “bespoke data” on its daily activities.

The SEC requested that assets held on Binance.US be blocked until the cryptocurrency exchange could demonstrate that the funds could not be moved by CZ or any other executive at Binance in an emergency demand for a temporary restraining order against Binance.

Although Binance and Binance.US both responded to the SEC’s allegations on social media, a joint memorandum included with the filing was the first official response. The SEC cannot point to a single incident of BAM customer assets being handled improperly or being exploited, according to the document.

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