A US federal judge has denied the motion filed by Binance and its affiliates to stop the Securities and Exchange Commission (SEC) from issuing public statements related to the ongoing lawsuit. The legal team of Binance, Binance.US, and CEO Changpeng Zhao had alleged that the SEC’s statements regarding the case were misleading and could taint the jury pool. However, Judge Amy Berman Jackson suggested that it was unnecessary for the court to intervene in the matter.
The complaint stems from a June 17 press release by the SEC, in which enforcement director Gurbir Grewal claimed that Binance and CZ could commingle or divert customer assets as they please. Binance’s legal team has denied these allegations and accused the SEC of misleading the public. The lawsuit filed by the SEC on June 5 alleges that Binance and Binance.US offered unregistered securities to U.S. customers, while Binance failed to register as an exchange or a broker-dealer clearing agency.
Despite the ongoing legal proceedings in the US, Binance has continued to operate globally, launching a regulated crypto platform in Kazakhstan on June 20. However, on June 23, Belgian Financial Services and Markets Authority ordered Binance to stop offering crypto exchange and custody wallet services, and the exchange reportedly withdrew its application with Austria’s financial regulatory authority.
In conclusion
The court denied Binance’s motion to stop the SEC from issuing public statements related to the ongoing lawsuit, suggesting that it was unnecessary for the court to intervene in the matter.