Binance Counterattacks SEC with Lawsuit Citing Misleading Claims 

Binance, the world’s largest cryptocurrency exchange by trading volume, has gone on the offensive. It appears that it’s now Binance’s turn after a lawsuit filed against Binance by the U.S. Securities and Exchange Commission (SEC). The lawsuit filed by Binance US and its legal team emphasizes that the SEC has misled people and used misleading statements. 

SEC Sued by Binance 

In the lawsuit against Binance, the SEC had claimed that the separate company known as Binance US worked for Binance Global and that there was a flow of customer funds to Binance Global when they should be kept separate. After causing an emergency fund freezing decision under this context, the SEC was surprised when the decision was partially overturned. It seems the Binance US team has begun to pursue these misleading statements. 

SEC’s director Gurbir S. Grewal had conveyed that Binance and its CEO Changpeng Zhao used customer funds and exposed investors to the risk of losing their assets. Grewal had claimed that CZ controlled all the platforms. SEC Chairman Gensler also emphasized in his statement on June 5 that CZ and Binance had deceived people. 

Binance Fights Back 

On June 21, Binance and its legal team filed a lawsuit highlighting the SEC’s use of misleading statements. While it was stated that customer funds did not leave Binance US, it was also underlined that there was no evidence of this. A question that the court asked the SEC directors in the Binance and SEC case and the answer were also added to the lawsuit petition. The relevant question reveals that the SEC admitted it had no concrete evidence that Binance US customer funds went to Binance Global. 

While it is wondered how the SEC will respond to this, Binance’s counterattack may have originated from Coinbase’s actions. While the lawsuit filed by the SEC against the Coinbase cryptocurrency exchange continues, Coinbase had made various requests against the SEC, in fact, counterattacked. Meanwhile, the price of BNB increased by 7% in 7 days and 2% in 24 hours while all these were happening, and it can be said that a very uncertain period awaits BNB in this context. 

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