A week after the US Securities and Exchange Commission filed charges against Binance, the largest cryptocurrency exchange by volume filed several motions in the US District Court for the District of Columbia on Monday in opposition to the lawsuit.

“The SEC’s request for a temporary restraining order should be denied for several reasons, but the most important is this: there is no risk to BAM’s customer assets,” Binance attorney Daniel W. Nelson said in a motion signed by multiple lawyers for the exchange. “Indeed, there is no ‘emergency’ here at all, other than the one manufactured by the SEC for its own purposes, when the alleged securities law violations, according to the SEC, have been going on publicly and openly for years.”

Last week, the SEC filed 13 charges against Binance, Binance.US, and Binance founder and CEO Changpeng “CZ” Zhao, claiming Zhao broke US securities rules, including operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight on the Binance.US platform, and engaging in the unregistered offer and sale of securities.

The SEC also alleges that Zhao and Binance engaged in an extensive “web of deception,” including conflicts of interest, lack of disclosure, and calculated evasion of the law.

“As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with

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Author: Jason Nelson

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