Binance founder Changpeng Zhao says his team is 'standing by' to ensure the platform remains stable.
The Securities and Exchange Commission said the trading platform ignored the rules meant to protect investors to keep operating in the US.Binance said it would defend the platform "vigorously".
It said the lawsuit was an example of regulators'"misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry". The Commodity Futures Trading Commission, another US financial regulator, filed its own lawsuit against Binance in March, accusing it of operating in the country illegally.In Monday's filing, the SEC said Binance and founder Changpeng Zhao had shown "blatant disregard of the federal securities laws and the investor and market protections these laws provide" in order to enrich themselves.
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