‘All of the SEC’s claims fail’ — Binance.US rebuts motion to freeze funds
Binance.US has asked the court to deny the securities regulator’s proposed temporary restraining order against its assets, claiming that the move would “effectively end” its business.
In a June 12 filing, Binance.US slammed the Securities and Exchange Commission's emergency motion for a temporary restraining order on its business, calling it “draconian and unduly burdensome.”
The hearing on the temporary restraining order is scheduled for June 13 in the U.S. District Court for the District of Columbia.
SEC/Binance Newsflash: Binance Fights BackBinance, CZ and the BAM Defendants just filed lengthy opposition pleadings to the SEC's emergency action. Find the links to two important pleadings below, which will give you a good idea of their defenses. Should be an extraordinary… pic.twitter.com/qc5GRwHmjn
Binance.US argued that the restraining order would force the closure of BAM Trading Services Inc., the entity that provides crypto trading and exchange services for Binance.US, stating:
Notably, Binance.US took aim at the regulator’s entire approach to pursuing legal action against it, asserting that “all of the SEC’s claims fail” because the regulator has not yet “identified a single security trading on BAM’s platform.” At the time of publication, the SEC has alleged that at least 68 cryptocurrencies are securities.
"The SEC suggests that it is a foregone conclusion that cryptocurrency is a security, but that is not the case. That numerous cryptocurrency exchanges, including BAM, have operated in the United States for years without interference by the SEC belies the claim that they are clearly covered by the securities laws," wrote the filing.
Furthermore, Binance.US said that it had made “significant efforts” to cooperate with
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