In a recent development related to the legal dispute between the Securities and Exchange Commission (SEC) and Binance, a major cryptocurrency exchange, the legal team representing Binance has taken an assertive approach by accusing the regulator of engaging in unethical behavior. This aligns Binance with Ripple, another prominent cryptocurrency company currently facing legal challenges from the SEC.
Binance is ready to put up a fight
According to legal expert James Murphy, aka MetaLawMan, the recent motion filed by Binance’s lawyers marks a significant turning point in the case. Binance alleges that the SEC violated court rules by making false statements outside of the courtroom, with the intention of harming Binance US’ customers and potentially influencing the jury pool.
One of the key contentions is the SEC’s issuance of a misleading press release following an agreed-upon court order. The press release claimed that the regulator had obtained “emergency relief” and made allegations against Changpeng Zhao, the head of Binance, regarding the mishandling of customer assets. Binance strongly denies these allegations and argues that the SEC failed to present concrete evidence to support their claims during court proceedings.
Notably, allegations of unethical conduct are being made by former officials from the SEC’s Division of Enforcement. Murphy believes that the gravity of these allegations, coming from respected legal professionals, will have a significant impact on the SEC. He anticipates that the SEC will respond to Binance’s accusations with equal force, mirroring its approach in the ongoing Ripple case.
In other news, Binance.US has successfully addressed the issue of delayed US dollar withdrawals, which had arisen due to the lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance and CEO Changpeng Zhao, resulting in asset freezing.
In a recent development on June 17, the court granted permission for the exchange to resume its operations in the US, albeit with certain conditions. However, prior to this ruling, several banking partners had already withdrawn their support when Binance.US temporarily suspended USD deposits.
Source: https://coinpedia.org/news/crypto-vs-sec-is-binance-joining-hands-with-ripple-against-secs-regulatory-battle/