{"id":8676,"date":"2023-06-23T08:05:16","date_gmt":"2023-06-23T08:05:16","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/06\/23\/binance-bites-back-and-accuses-sec-of-misleading-the-public-in-securities-lawsuit\/"},"modified":"2023-06-23T08:05:16","modified_gmt":"2023-06-23T08:05:16","slug":"binance-bites-back-and-accuses-sec-of-misleading-the-public-in-securities-lawsuit","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/06\/23\/binance-bites-back-and-accuses-sec-of-misleading-the-public-in-securities-lawsuit\/","title":{"rendered":"Binance Bites Back and Accuses SEC of Misleading the Public in Securities Lawsuit"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Binance has accused the SEC of misleading the public during its <a href=\"https:\/\/nftevening.com\/sec-files-13-charges-against-binance-for-manipulation-and-lack-of-disclosure\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">ongoing lawsuit<\/a>. Here\u2019s everything you need to know.<\/p>\n<p><strong>TL;DR<\/strong><\/p>\n<ul>\n<li>Binance accuses the SEC of misleading the public in the ongoing securities lawsuit, filing a motion in the U.S. District Court. They claim that the SEC made misleading statements in a press release on June 17th and demand adherence to the rules of conduct.<\/li>\n<li>Binance refutes the SEC\u2019s allegations of commingling and diversion of customer assets, stating that there is no evidence to support these claims. They argue that the SEC\u2019s press release is causing confusion in the market and harming Binance.US customers.<\/li>\n<li>The motion, if approved, could limit the SEC\u2019s ability to make public comments during the lawsuit, particularly those that may impact court proceedings. The lawsuit alleges that Binance offered unregistered securities and failed to register as an exchange or broker-dealer clearing agency. The legal battle continues, with the outcome still isn\u2019t clear.<\/li>\n<\/ul>\n<figure id=\"attachment_107532\" aria-describedby=\"caption-attachment-107532\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-107532 size-full\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1.webp\" alt=\"Still from Binance SEC\" width=\"1200\" height=\"628\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1.webp 1200w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1-300x157.webp 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1-1024x536.webp 1024w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1-768x402.webp 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1-107x56.webp 107w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1-150x79.webp 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1-450x236.webp 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><\/noscript><figcaption id=\"caption-attachment-107532\" class=\"wp-caption-text\">Binance Accuses SEC of Misleading The Public<\/figcaption><\/figure>\n<h2><span id=\"Binance_vs_SEC_The_Battle_Continues\">Binance vs SEC: The Battle Continues<\/span><\/h2>\n<p>The world\u2019s largest crypto exchange, Binance, is fighting back and accusing the SEC of misleading the public in the ongoing securities lawsuit. Binance.US, along with its global counterpart Binance Holdings Limited and CEO <a href=\"https:\/\/twitter.com\/cz_binance\" target=\"_blank\" rel=\"noopener\">Changpeng \u201cCZ\u201d Zhao<\/a>, have filed a motion in the U.S. District Court for the District of Columbia. The motion claims that the SEC deliberately made misleading statements in a press release on June 17th.<\/p>\n<p>According to the filings, the SEC\u2019s assertions were deemed \u201cmisleading.\u201d Therefore, the exchange is demanding that the financial watchdog adheres to the \u201capplicable rules of conduct.\u201d Specifically, they took issue with SEC Enforcement Director Gurbir Grewal\u2019s claims that CZ and the exchange could \u201ccommingle customer assets or divert customer assets as they please.\u201d Additionally, the SEC issued an order requiring all parties involved in the lawsuit to return to the United States.<\/p>\n<p>However, Binance representatives strongly refuted these claims in the court filing. They stated that the SEC has no evidence of dissipation, commingling, or misuse of customer assets. They argued that the SEC designed their press release to introduce confusion into the market. This may have potentially caused harm to Binance.US customers instead of protecting them. The filing also raised concerns about the misleading descriptions of evidence that could taint the jury pool.<\/p>\n<p>If approved by a federal judge, the motion could restrict the SEC\u2019s ability to make public comments about the ongoing lawsuit during the case\u2019s duration. This is regarding comments that could significantly impact court proceedings. To support their argument, Binance\u2019s legal team included excerpts from a June 13th hearing where SEC counsel admitted there was no proof of Binance.US assets being funneled overseas.<\/p>\n<figure id=\"attachment_107539\" aria-describedby=\"caption-attachment-107539\" style=\"width: 603px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-107539 size-full perfmatters-lazy\" alt=\"Still from Twitter\" width=\"603\" height=\"295\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53.png\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53.png 603w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-300x147.png 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-114x56.png 114w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-150x73.png 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-450x220.png 450w\" data-sizes=\"(max-width: 603px) 100vw, 603px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-107539 size-full\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53.png\" alt=\"Still from Twitter\" width=\"603\" height=\"295\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53.png 603w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-300x147.png 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-114x56.png 114w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-150x73.png 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/2023-06-23_08-53-450x220.png 450w\" sizes=\"(max-width: 603px) 100vw, 603px\"\/><\/noscript><figcaption id=\"caption-attachment-107539\" class=\"wp-caption-text\">SEC Admits No Proof of Funnelling Overseas<\/figcaption><\/figure>\n<h2><span id=\"The_Saga_Continues\">The Saga Continues<\/span><\/h2>\n<p>This motion is part of the SEC\u2019s broader lawsuit, which was initiated on June 5th against Binance, Binance.US, and CZ. The SEC accuses them of offering unregistered securities and failing to register as an exchange or broker-dealer clearing agency. SEC Chair Gary Gensler alleged that CZ and Binance deceived investors regarding the strength of their risk controls. Also, the regulator is seeking disgorgement and other penalties.<\/p>\n<p>Initially, the SEC attempted to freeze all Binance.US assets. However, they reached a compromise that permits only the exchange\u2019s employees to access client funds during the lawsuit. The legal battle between Binance and the SEC continues, with both sides vehemently defending their positions. Only time will tell how the court will rule and what impact it will have on the future of Binance and the crypto industry as a whole.<\/p>\n<p><iframe data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"perfmatters-lazy\" data-src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\"><\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\"><\/iframe><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/nftevening.com\/binance-bites-back-and-accuses-sec-of-misleading-the-public-in-securities-lawsuit\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance has accused the SEC of misleading the public during its ongoing lawsuit. Here\u2019s everything you need to know. TL;DR Binance accuses the SEC of misleading the public in the ongoing securities lawsuit, filing a motion in the U.S. District Court. They claim that the SEC made misleading statements in a press release on June [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/Binance.US-CEO-Resigns-Amid-SEC-Complaint-Investigation-1.webp","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/8676"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=8676"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/8676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/8677"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=8676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=8676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=8676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}