Binance Submits New Petition to Court in SEC Case: What Happens If Admitted?

In its petition to the court, Binance.US argued that the SEC had no evidence that the Binance US exchange was mixing users’ funds.

Binance and its legal team filed a June 21 filing with the U.S. District Court for the District of Columbia, alleging that the SEC had made misleading statements regarding the use of client assets.

While citing Grewal’s statements, Binance and its legal team stressed that the SEC has no evidence that the exchange has shuffled or manipulated clients’ assets.

Gurbir S. Grewal, Director of the Executive Division of the SEC, Binance and its CEO Changepeng Zhao (CZ) claimed that users are mixing their assets at will, putting investors at risk of losing their funds.

If the petition is approved by the judge, it could prevent the SEC from making some public statements that will cause confusion in the market, as Binance claims.

Cryptocurrency exchange Binance said in a statement:

“The SEC’s press release also seems designed to create unwarranted confusion in the market, which could have the effect of harming Binance US customers rather than protecting them. It also risks negatively impacting the jury pool with misleading disclosures of evidence regarding Defendants.”

*Not investment advice.