Were the US Regulators’ Allegations Against Binance Faulty?

• The SEC failed to produce any evidence to prove that Binance misused customer funds.
• Coin Bureau asked if the regulators have completely missed the FTX’s misuse of funds and lied about Binance doing it.
• The court denied the SEC’s request to freeze Binance’s assets and permitted the exchange to continue its services.

The leading information portal Coin Bureau recently updated its Twitter page responding to the Securities and Exchange Commission’s (SEC) maneuver in imposing faulty allegations on the leading crypto exchange Binance. As per the revelations of Binance, in the recent court hearing, the SEC was unable to produce any evidence regarding its claim on the misuse of customer funds by Binance.

On June 18, Coin Bureau took to Twitter to respond to the recent developments in the SEC-Binance lawsuit:

Coin Bureau raised questions about the deliberate moves of the regulators against Binance, asking if the SEC has “completely missed FTX’s misuse of customer funds and lied about Binance doing it”. The portal added that the action seems “very on-brand”.

In a tweet on Saturday, Binance conveyed its pleasure in the Court’s decision to deny the SEC’s request to freeze the exchange funds:

Earlier this month, the SEC filed an emergency action requesting the federal court to freeze the assets of Binance alleging that the company has held a “disregard” for the crypto laws. However, the last Friday’s court filing indicated that the exchange would be allowed to continue its ordinary course business.

Binance shed light on the complications that the exchange would have confronted if the regulator’s request was granted. The exchange explained:

The SEC’s request would have effectively shuttered our business, which is consistent with the agency’s continued attempts to kill the crypto industry by any means, even by making allegations that are not supported by the facts.

Amidst the ongoing SEC-Binance lawsuit, the exchange had been witnessing a difficult period. Recently, the US-affiliated branch of Binance, Binance US halted fiat deposits on its platform, as a consequence of the SEC’s “aggressive and intimidating tactics”.

The exchange confirmed its decision to move forward with defending its part in the court. Binance reiterated that, though the SEC’s lawsuit has highly impacted the business and reputation, the exchange’s “fighting spirit” has not been destroyed.