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Binance CEO counters: Changpeng Zhao speaks out on SEC lawsuit

Wed 07 Jun 2023 ▪ 3 min of reading ▪ by Ariela R.
Getting informed Crypto regulation

Binance is currently facing legal action brought by the SEC. The reason behind the lawsuit is the trading of tokens deemed as securities. Binance CEO has responded to these accusations, while the platform has expressed its disappointment with the filed complaint by the SEC.

SEC files complaint against Binance
Changpeng Zhao, CEO of Binance, speaks out on the SEC lawsuit (Source: Twitter)

SEC accuses Binance of facilitating the trading of tokens labeled as securities

Considered as the largest cryptocurrency exchange, Binance often finds itself at the center of numerous controversies. Currently, its CEO, Changpeng Zhao, and the platform itself are facing legal action initiated by the SEC.

The SEC accuses Binance of facilitating trading activities for several popular tokens considered as securities. The list includes:

  • BNB,
  • BUSD,
  • SOL,
  • ADA,
  • MATIC,
  • FIL,
  • ATOM,
  • SAND,
  • MANA,
  • ALGO,
  • AXS,
  • COTI.

In its complaint against Binance, the SEC specifies an important point: the accusations do not concern tokens with significant trading volumes. This category includes ETH, USDC, USDT, and LTC.

Binance has offered coin gain programs such as BNB Vault and Simple Earn, as well as a staking investment plan,” explains the regulator.

CZ and Binance address the lawsuit

As usual, Changpeng Zhao reacted on Twitter. “The Binance team is actively monitoring and maintaining platform stability,” he stated. To reassure users, he affirms that the ongoing procedure will not affect withdrawal and deposit functionalities. Additionally, Binance will release a comprehensive response after reviewing the complaint filed by the SEC.

On its blog, Binance asserts that it will continue to cooperate with regulators and defend the technology against legal actions. “Our priority is to provide a secure platform while promoting financial freedom,” he emphasizes. The company assures its users that their assets on Binance and its affiliated platforms are secure.

These legal actions against Binance demonstrate one thing: the SEC is closely monitoring cryptocurrency companies. The question remains whether the method employed is the right one or not. Stay tuned for more updates on this case…

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.