Binance.US, one of the world’s biggest cryptocurrency companies, faces an uphill battle. With the U.S. Securities and Exchange Commission (SEC) clamping down on the crypto industry, and Chairman Gary Gensler at the helm, the exchange has been forced to take drastic measures.
SEC Charges Binance.US and Prompts Strong Response with Legal Team Expansion
Binance.US hired former SEC Enforcement Co-Director George Canellos and three other lawyers to defend against allegations. This move was highly praised by John Reed Stark, former internet enforcement chief for the SEC, who tweeted: “Binance is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.”
The SEC charged Binance US for not registering as an exchange, broker, and clearing agency. The SEC accused Zhao and Binance of enriching themselves while jeopardizing investors’ assets. On top of that, the agency attempted to freeze Binance US’s assets through a temporary restraining order.
Binance.US Prepares for Long Legal Battle with SEC, Hires Prominent Attorney
Binance.US warned that the SEC’s motion could end the exchange’s business due to burdensome regulations. The exchange announced the suspension of USD deposits and potential pause of fiat withdrawals, effective from June 13. Gensler faced criticism from the crypto sector, including calls for his dismissal by Rep. Warren Davidson.
A fair and timely resolution of the Binance.US versus SEC dispute requires an attorney like Canellosi. (chronicpainpartners.com) The future outcome of the case and the SEC’s intentions are still uncertain as the proceedings continue. For now, an uncertain future awaits Binance.US as its uphill battle continues.
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