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SEC vs. Binance: Regulator Caught Lying and Misleading the Public

Press Releases Crypto News BeInCrypto SEC vs. Binance: Regulator Caught Lying and Misleading the Public

SEC vs. Binance: In an unprecedented turn of events, accusations of dishonesty and misleading the public have surfaced against the United States Securities and Exchange Commission (SEC). Binance and its associated companies took the drastic step of requesting court intervention on June 21.

The crypto industry giant aims to stymie the SEC’s proclivity for making controversial statements that it alleges are severely misleading and potentially damaging.

Binance Asks Court to Make SEC Comply With Rules of Conduct

The recent motion stems from the SEC and Binance agreement on a consent order delineating how Binance.US could utilize its funds. In what Binance viewed as a stark violation of this agreement, the SEC issued a press release that sparked widespread concern in the crypto exchange.

In the press release, the SEC claimed to have secured “emergency relief” to protect the assets of Binance.US customers. It portrayed an image of Binance and its CEO, Changpeng Zhao, as being in control of customer assets. Therefore, suggesting they could misuse these assets.

“Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.

Binance refuted the claims since these were contradicted by the SEC’s statements to the court that it had no evidence. The company affirmed that the SEC’s portrayal of the situation is not only disappointing but disturbingly misleading.

“At a minimum, the SEC’s statement contravenes the principle that the SEC so frequently cites — it omits material facts necessary to ensure the statements being mad

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Author: Bary Rahma

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