Binance’s response in full: All user assets are safe and protected; SEC’s allegations are aimed at unilaterally seizing control of the definition of the cryptocurrency market.

Binance says user assets are safe. SEC wants to control the definition of crypto market.

On June 5th, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance and its founder, Changpeng Zhao, including operating an unregistered exchange, broker-dealer, and clearing agency; distorting trade controls and supervision on the Binance.US platform; issuing and selling unregistered securities; and failing to restrict US investors’ access to BINANCE.COM.

Binance responded to the allegations in a public article, stating that any allegations of user assets being at risk on the Binance.US platform are incorrect, and that all user assets on Binance and its affiliated platforms (including Binance.US) are safe. Binance will actively defend against any false accusations. Binance believes that the SEC’s action seems to be an attempt to seize jurisdiction from other regulatory agencies, and protecting investors does not seem to be the SEC’s top priority.

Below is Binance’s full response:

We are disappointed that the US Securities and Exchange Commission (SEC) has chosen to sue Binance. From the beginning, we have been actively cooperating with the SEC’s investigation, answering their questions and resolving their concerns. Recently, we have had friendly and extensive discussions, hoping to reach a settlement through negotiation to complete the relevant investigation. Despite our efforts, the SEC’s accusations today represent their abandonment of our negotiations and their choice of unilateral action and litigation.

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Binance takes the SEC’s allegations seriously. We should not be the object of SEC enforcement action, let alone in an emergency. We will firmly defend the rights of the platform. The SEC’s refusal to actively interact with us is another example of the commission’s misleading and deliberate refusal to provide clear guidance and advice to the cryptocurrency asset industry. Like other cryptocurrency industry projects facing similar lawsuits, today’s action is just one of many cases where the commission decides to use enforcement and litigation instead of the thoughtful and meticulous approach required by the dynamic and complex technology. Labeling certain tokens and services as “securities” unilaterally, including tokens over which other US regulatory agencies have asserted jurisdiction, only makes these issues more complex.

Perhaps most surprising is that the SEC’s action weakens the US’s position as a global financial innovation and leader. In many countries and regions around the world, cryptocurrency asset laws are still relatively imperfect, and law enforcement is not the best way forward for regulation. Effective regulatory frameworks require cooperative, transparent, and prudent policy participation, which is the path the SEC has given up.

It needs to be made clear that the allegations about “users’ assets on the Binance.US platform being at risk” are completely false, and given that SEC staff has had plenty of time to investigate, their action is completely without merit or basis. All users’ assets on Binance and its affiliated platforms, including Binance.US, are safe and secure, and we will vigorously defend against any contrary allegations. Instead, the SEC’s action seems to be an attempt to wrest control from other regulatory agencies–with investors’ interests not seeming to be the SEC’s primary concern. Given Binance’s scale and global reach, Binance is now easily the target in the US regulatory tug-of-war. Based on the current situation, the SEC’s aim does not seem to be to protect investors. If they did, SEC staff would have approached us factually and carefully and worked with us to demonstrate the safety and security of the Binance.US platform. However, the SEC’s true intention seems to be only to attract attention.

We will continue to cooperate with regulators and policy makers in the US and around the world, as it is the right thing to do. At the same time, Binance will continue to participate actively to ensure that the next generation of cryptocurrency regulation can promote innovation while protecting consumers. As Binance (Binance.com) is not a US exchange, the scope of the SEC’s action is limited. Nevertheless, we still hope that US cryptocurrency market participants will oppose the SEC’s latest overreach and are prepared to fight for our legitimate rights and interests in accordance with local law.

We will work with industry partners to defend blockchain technology from misguided litigation. We will continue to strive to provide users with a safe and reliable platform, faithful to our core values of promoting financial freedom.

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