In response to the latest prosecution filed by the U.S. Securities and Exchange Commission ("SEC", SEC) on the evening of June 5, Binance issued a statement in response to the incident in the early morning of June 6.

Binance said it was disappointed with the SEC's action, saying, "From the beginning, we have actively cooperated with the SEC's investigation and worked hard to answer their questions and address their concerns. Recently, we have had extensive good-faith discussions , to reach a negotiated resolution to their investigation, but despite our efforts, the SEC abandoned these in today's action, choosing instead to act unilaterally and litigate. We are disheartened by this choice. Feeling cold."

Our response to the SEC's complaint.t.co/mgXxGTKr67

— Binance (@binance) June 5, 2023

The SEC's refusal to engage effectively compounds the problem

Binance also mentioned that they intend to vigorously defend their trading platform, “but unfortunately, the SEC refuses to engage with us effectively. This is the commission’s misleading and conscious refusal to provide the digital asset industry with much-needed Another example of clarity and guidance. Today’s action is just one in a series of examples where, like other crypto projects facing similar litigation, the Commission has decided to use the iron-fist weapons of enforcement and litigation instead of regulation. The thoughtful, nuanced approach required by this emerging technology will only compound these issues."

Binance bluntly stated in the statement that the SEC's action has weakened the United States' status as a global center of financial innovation and leadership. "In most parts of the world, laws related to digital assets have basically not been enacted, and law enforcement and supervision have not been established." Not the best path forward. An effective regulatory framework requires cooperation, transparency and thoughtful policy engagement, and it is clear that the SEC has abandoned this path.”

Binance emphasized that "any accusation that user assets on the Binance.US platform have ever been at risk is false." All user assets on Binance and Binance-affiliated platforms (including Binance.US) are safe and reliable. "We will "We will vigorously defend against all charges" and reiterated, "We will continue to work with regulators and policymakers in the United States and globally because it is the right thing to do. Binance remains committed to productive engagement to ensure the next generation of crypto Currency regulation promotes innovation while enforcing and ensuring important consumer protections. Because Binance is not a U.S. exchange, the scope of the SEC’s actions is limited. Nonetheless, we stand with U.S. digital asset market participants against the SEC. We are prepared to fight these recent overreaches to the fullest extent of the law."

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