In the cryptocurrency world, the legal fight between Binance and the SEC is closely followed. Accordingly, there is a recent development. Binance.US cites lack of evidence. That’s why he opposes the SEC’s request for a deposition. Let’s look at the details together.
Binance and SEC’s response to request for deposition
Binance.US opposes the Securities and Exchange Commission’s (SEC) request for deposition. Accordingly, he gives a strong response, calling it unnecessary and overbearing. On the other hand, the cryptocurrency exchange responds to the SEC’s claims. Accordingly, he argues that he has not provided significant evidence to substantiate allegations of misappropriation of funds from customers. When we look at Kriptokoin.com, the absence of supporting evidence stands out here. Binance.US firmly asserts that the SEC’s allegations lack a solid basis.
The exchange notes that despite conducting multiple reviews during an expedited review period, the SEC has not provided any compelling evidence to support accusations of diversion of customer assets. Binance emphasized its stance in a redacted statement, stating that all available evidence, including documents, affidavits, and deposition statements, confirms the exchange’s claim that it has custody and control over its digital assets.
SEC’s accusations and denials
In June, the SEC filed charges against Binance CEO Changpeng Zhao and Guangying Chen. Accordingly, he accused them of diverting billions of dollars of customer funds through brokerage firms.
Both Binance and CZ have publicly denied these allegations. Binance’s response reiterates CZ’s confirmation that the exchange lacks oversight or control over the private keys of customers’ assets.
Ongoing legal battle
Initially, the SEC attempted to freeze Binance.US’ assets. However, a US judge rejected this request. Instead, the judge ordered both parties to engage in negotiations regarding their ongoing activities. As a result, Binance.US remains committed to defending its position. On the other hand, he emphasizes that the SEC must provide significant evidence to prove allegations of fund diversion.
The cryptocurrency world is also paying attention to this struggle. Moreover, discussions continue. However, there is a fact that cryptocurrencies are affected by this situation. In the midst of this legal battle, the cryptocurrency community awaits further developments. The SEC and Binance.US are clashing in a dispute that will have far-reaching implications. On the other hand, the need for concrete evidence and a fair legal process remains paramount.
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