Binance’s American subsidiary confirmed that it will resolve the latest SEC suit in court and hinted that it’s not in the mood to settle the case blindly.
BinanceUS is an American crypto exchange, a subsidiary of the Global crypto exchange Binance.com. On 5 June 2023, the United States Securities and Exchange Commission (SEC) sued BinanceUS along with Binance.
Following the suit, the SEC body also requested the court to allow it to freeze the assets of BinanceUS, Binance, & CZ. In response, Binance’s CEO confirmed that the SEC’s action will not impact any funds directly linked with Binance exchange.
On 7 June, BinanceUS officially responded to the SEC’s fund freeze decision and confirmed that they are taking action to ensure the safety of the customers’ funds.
The BinanceUS team ensured that customers’ funds remain safe & also services will remain open as usual without any kind of stoppage.
Binance’s American subsidiary confirmed that the SEC staff approached the Binance team to provide the information about the customer’s fund safety and it seems that they are ok with the provided details, as they filed a motion seeking a temporary restraining order and preliminary injunction.
In the last lines, Binance confirmed that it will resolve this case in court, so indirectly hinted that it is not going to pay any kind of fine directly, unlike the Kraken crypto exchange which paid nearly $30 million fine for crypto staking services.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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