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Binance.US, its global parent company Binance Holdings Limited, and CEO Changpeng "CZ" Zhao have engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC), alleging that the financial regulator presented a distorted picture of an ongoing court case in a recent press release.
The allegation stems from a legal motion filed on June 21 in the U.S. District Court for the District of Columbia. The legal teams representing Binance and CZ argue that the SEC misinterpreted facts in a press release issued on June 17. They are urging the financial regulator to adhere to the "applicable rules of conduct."
The primary point of contention appears to be the statement made by SEC Enforcement Director Gurbir Grewal, implying potential misuse of customer funds by CZ and Binance. However, the SEC's own counsel confirmed during a June 13 hearing that there was no evidence of such misuse. Grewal's remarks were related to an order that, if approved by a federal judge, would restrict the SEC from making public remarks that could significantly impact the court proceedings of the lawsuit against Binance.
This legal motion arises amidst the SEC's ongoing case against Binance and CZ, which was initiated on June 5. The case alleges that Binance engaged in unregistered securities offerings and failed to register as an exchange or broker-dealer clearing agency. SEC Chair Gary Gensler claimed that CZ and Binance misled investors regarding their risk controls. The SEC aims to recover Binance's ill-gotten gains and impose additional penalties.
Previously, the SEC sought to freeze all assets of Binance.US. However, the regulator later softened its stance, reaching an agreement that only allows employees of the exchange to access client funds while the case continues. In the midst of these legal tensions, Binance introduced a regulated cryptocurrency platform in Kazakhstan.
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