The American arm of Binance has shared an update with the community about the ongoing legal battle with the US Securities & Exchange Commission, the SEC. Per the update, the US Court has not granted rights to the Commission to freeze the assets of the platform. Also, their right to TRO has been denied by the same Court. Binance.US highlighted this portion of the update by adding that both demands were unjustified by law and facts anyway.
What brought the SEC to this point was their argument, wherein they could not present a piece of evidence to support the allegations.
Allegations put on the table by the SEC were that Binance.US was misusing the funds. Or the venture was not using the funds for the said purposes. After their legal representative failed to demonstrate a single piece of evidence, the Court found it better to deny their requests and allow Binance.US to continue with their daily operations as they were.
Needless to say, the entire legal battle with the SEC has put a dent in the image of Binance.US. It has been able to sustain a decent growth trajectory, but it could have been better if the SEC and the platform were not in a legal battle.
Advertisement
The only thing that could have made it bad for Binance.US was the Court actually concluding the case by honoring the requests of the SEC.
As per the update shared by Binance.US, requests proposed by the SEC would have effectively shuttered their business. Binance.US has said that it would have been in line with their consistent efforts to kill the crypto industry in the country.
While it is turning out to be obvious that the SEC had no case in the first point, it remains to be seen if the crypto industry at a macro level is really worth functioning. Several ventures are out there only to take away money from their users. Binance.US may have faced a misdirected legal outrage by the Commission, but it cannot be assumed that the entire industry is here to mint money for its users. Chances are, most of them are waiting for a disaster to happen so that they can lock the funds of their users.
Calling all the charges unwarranted, Binance.US has said that it will continue defending itself from allegations that are not backed by facts, law, and pieces of evidence.
Binance.US has over 150 cryptocurrencies listed on the platform, allowing users to expand their digital portfolios as much as they want.
Advertisement
In another development by Binance.US, it has been learned that users can now trade XRP on the platform via XRP/USDT advanced trading pair. Developed by Ripple, the token is known to boost transactions of low-friction value at a higher speed. Also, XRP provides a reliable option to institutions for cross-border transactions.
