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Binance accuses SEC of ‘misleading’ statements on exchange assets

binance-accuses-sec-of-misleading-statements-on-exchange-assets
Edited by
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Binance accuses SEC of ‘misleading’ statements on exchange assets

Lawyers representing Binance.US, Binance Holdings Limited, and CEO Changpeng “CZ” Zhao have filed a motion alleging that the US Securities and Exchange Commission (SEC) misled the public with statements made in an ongoing securities lawsuit.

In a recent filing in the US District Court for the District of Columbia, the legal teams for Binance, Binance.US, and CZ claimed that the SEC had made “misleading” statements in a press release on June 17. The motion calls for the SEC to adhere to “applicable rules of conduct.”

The filing specifically referred to SEC Enforcement Director Gurbir Grewal’s claim that CZ and Binance could “commingle customer assets or divert customer assets as they please.” Additionally, it mentioned an order requiring all parties involved in the lawsuit to return to the United States.

The June 21 filing states,

“The SEC has no evidence that BAM [Binance.US] customer assets have been dissipated, commingled or misused in any way.”

The legal team argued that the SEC’s press release aimed to introduce confusion into the market, potentially harming Binance.US customers rather than protecting them. The motion also highlighted the risk of misleading descriptions of the evidence concerning the defendants influencing the jury pool.

If approved, the order could prevent the SEC from issuing certain public statements related to the Binance lawsuit that could significantly impact court proceedings. The filing included a transcript from a June 13 hearing, in which SEC counsel acknowledged no evidence of Binance.US assets going offshore.

The court filing is part of the SEC’s ongoing lawsuit against Binance, Binance.US, and CZ, filed on June 5, which alleges unregistered securities offerings and Binance’s failure to register as an exchange or broker-dealer clearing agency.

SEC Chair Gary Gensler previously accused CZ and Binance of misleading investors about risk controls, seeking disgorgement and other penalties.

During the legal proceedings in the US, Binance announced the launch of a regulated cryptocurrency platform in Kazakhstan. The SEC had filed a motion to freeze all Binance.US assets, but a compromise agreement was reached to only grant access to client funds to the exchange’s employees while the litigation is ongoing.