• Binance.US and its legal team accuse the SEC of issuing misleading statements.
• The lawsuit highlights that the SEC lacked evidence in its claims.

Binance.US and its affiliated companies have taken legal action against the United States Securities and Exchange Commission (SEC), alleging “dishonesty and misleading” claims. The crypto exchange platform, Binance.US, along with its partners, filed a petition on June 21, seeking court intervention to challenge the SEC’s assertions regarding the handling of customer assets.

Binance CEO Changpeng Zhao, aka CZ, took to Twitter to address the situation. In his tweet, CZ expressed his support for the legal action. And emphasized the company’s commitment to transparency and regulatory compliance. However, the accusations against the SEC by Binance.US and its affiliates shed light on an ongoing legal battle between the prominent cryptocurrency exchange and the regulatory body.

Further, the dispute between Binance.US and the SEC arose from a perceived violation of the consent order regarding fund utilization. However, Binance disagreed with the SEC’s press release. Which suggested that Binance had “control over customer assets and could potentially misuse them.”

Also, Binance highlighted the SEC’s admission of lacking evidence to support their assertions. The situation underscores the ongoing tensions and challenges within the cryptocurrency industry. As regulatory bodies seek to establish guidelines and ensure the protection of investors and their assets.​