• The SEC sued Binance on Monday for violating securities legal guidelines.
• Here’s what Binance mentioned in its response to the regulator:
• Coinbase International closed down 10% following at this time’s developments.

Binance has been within the highlight on Monday after the U.S. Securities and Change Fee (SEC) sued one of many world’s main cryptocurrency exchanges.

Here is what Binance mentioned in its response to the SEC

Within the lawsuit, the regulator accused Binance and its CEO Changpeng Zhao of failing to adjust to U.S. securities legal guidelines. The CFTC has beforehand filed comparable prices towards the cryptocurrency firm.

The SEC additionally alleged that Binance combined billions of {dollars} value of person funds with Advantage Peak Restricted, a European firm owned by CZ. Nevertheless, simply hours later, Binance rejected the dishonest allegations, stating in an official response to the regulator:

Any claims that person funds are in danger on the Binance.US platform are fully false. We’ll vigorously defend ourselves towards any allegations on the contrary.

The Crypto Group Endorsed Binance On Twitter

On Twitter, the cryptocurrency neighborhood expressed their assist for Binance and CEO Changpeng Chao. Many felt that the SEC’s remedy of crypto belongings in america was unfair.

Binance additionally mentioned in its response that regulatory overreach is hurting the U.S. fame as a world hub for monetary innovation. Nonetheless, he added:

We’ll proceed to work with regulators and policymakers around the globe. We’ll proceed to work productively to make sure that the following era of cryptocurrency regulation fosters innovation.

The SEC’s lawsuit towards Binance despatched the inventory value of rival Coinbase International down about 10% at this time.