2023-06-06 08:31:00
On Monday, a small wave of panic blew through the crypto universe. For what ? Because the SEC, the American stock market policeman, attacked Binance, the largest crypto platform in the world, which aroused fear and might have even been more devastating, even if the winds visibly calmed down on Tuesday morning.
And while the SEC has announced lawsuits once morest the platform, it is also attacking the founder, Changpeng Zhao, for alleged violations of federal laws.
And according to the regulator’s Twitter feed, he is not the only one to be targeted. One of Binance’s officials is also pinned and one of his sentences was republished by the SEC, to justify, in part, his intervention. “We operate like a fucking unregulated stock exchange in the United States brother”he reportedly said.
The federal regulator also recalled that Binance – launched in Hong Kong in 2017 – allegedly engaged in illegal practices in its handling of client funds and its own funds and that the US subsidiary was not independent of Changpeng Zhao’s personal control.
Binance: the largest cryptocurrency platform attacked by the American financial policeman
bitter response
”We are disappointed that the Securities and Exchange Commission (SEC) chose to file a complaint today once morest Binance requesting, among other things, a so-called emergency measure. From the beginning, we have actively cooperated with SEC investigations and worked hard to address their questions and concerns.”, published the platform on its “blog”, hosted on its website.
“More recently, we have engaged in extensive discussions in good faith to reach a negotiated settlement to resolve their investigations. But despite our efforts, the SEC abandoned that process by filing its complaint today and opted to act unilaterally and file a lawsuit. We are discouraged by this choice“, can we still read on the blog.
“Perhaps most surprisingly, the SEC’s actions undermine America’s role as a global hub for financial innovation and leadership. Digital asset laws are still underdeveloped in most countries around the world, and regulation by law enforcement is not the best way forward. An effective regulatory framework requires collaborative, transparent and thoughtful political engagement – a path the SEC has abandoned”, adds the blog post, in a tackle to the American administration.
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