Binance.US is gearing up to defend itself against the SEC after a court allowed the regulatory agency’s case to proceed.
The exchange criticized the SEC’s enforcement tactics and asserted its compliance with the provided guidance. Binance.US maintains that it holds a 1:1 reserve for customer assets and has strong security measures.
The SEC’s lawsuit, filed in June, alleges violations of securities laws and improper access to customer assets by Binance employees outside the US. Despite requesting dismissal, Binance faces a ruling that allows most of the SEC’s claims to proceed.
Last September, Binance challenged the SEC’s claims and requested the case’s dismissal, arguing the agency was overreaching its jurisdiction regarding foreign crypto transactions.
However, Judge Amy Berman Jackson of the US District Court for the District of Columbia ruled that most of the SEC’s lawsuit could proceed, with 10 counts fully proceeding, two partially proceeding, and one dismissed.
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