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Binance's response to SEC's accusations: Platform funds are secure, and SEC's tough regulation will make the situation more complex.

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SEC seems to be sacrificing us in the regulatory tug-of-war with other regulatory agencies.

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Original translation: BlockBeats

On the early morning of June 6th, Binance responded to a series of accusations made by the SEC and emphasized the safety of assets on the Binance platform. Binance also expressed dissatisfaction with the SEC's "tough regulation" and pointed out that the SEC's actions were only aimed at gaining an advantage in the tug-of-war with other regulatory agencies, rather than protecting investors. Binance will defend against all false accusations in this incident. BlockBeats has compiled and translated the full response as follows:

We are disappointed with the U.S. Securities and Exchange Commission's (SEC) decision to file a lawsuit against Binance and seek emergency relief measures today. From the beginning, Binance has actively cooperated with the SEC's investigation, working to answer their demands and resolve their questions. Recently, Binance has engaged in extensive good-faith discussions to reach a negotiated resolution and cooperate with their investigation. Despite Binance's efforts, the SEC has abandoned this process and chosen to take unilateral action by filing a lawsuit. We are disappointed with this choice.

Although we take the SEC's allegations seriously, Binance should not be the subject of SEC enforcement actions, let alone in an emergency. We strive to fully defend the Binance platform. Unfortunately, the US SEC has refused to engage in productive dialogue with Binance, which is just another example of the SEC being misled and subconsciously refusing to provide much-needed clarity and guidance for the digital asset industry.

Today's action is another example in a series, like other encrypted projects facing similar lawsuits, the SEC has decided to use the blunt weapons of law enforcement and litigation for regulation, rather than taking a more thoughtful and meticulous approach. Unilaterally designating certain tokens and services as securities - even those that other US authorities have claimed jurisdiction over - will only make these issues more complex.

Perhaps the most surprising thing is that the SEC's actions have weakened the United States' position as a global center for financial innovation and leadership. In most parts of the world, digital asset laws are still largely undeveloped, and law enforcement is not the best path forward. An effective regulatory framework requires cooperation, transparency, and thoughtful policy engagement - a path that the SEC has abandoned.

First of all, it needs to be clear that any accusations of risks to user assets on the Binance.US platform are incorrect. Considering that regulatory authorities have had sufficient time to investigate, these accusations have no basis. All user assets on Binance and its affiliated platforms (including Binance.US) are safe, and we will firmly resist any contrary accusations. On the contrary, the actions of the US Securities and Exchange Commission (SEC) here seem to be aimed at preempting the jurisdiction of other regulatory agencies, and investors do not seem to be the SEC's top priority. Due to our size and global reputation, Binance has now become a target in the battle for regulatory agencies in the United States.

Based on these developments, the goal of the US Securities and Exchange Commission (SEC) seems to have never been to protect investors; if it were, staff should have engaged with us on the facts and our efforts to demonstrate the security of the Binance.US platform. Instead, the SEC's true intention appears to be to make headlines.

We will continue to work with regulators and policymakers in the US and globally, as it is the right thing to do. Binance has always been committed to actively participating to ensure that the next generation of cryptocurrency regulation promotes innovation while implementing and ensuring important consumer protections. As Binance is not a US trading platform, the scope of the SEC's actions is limited. Nevertheless, we stand with participants in the US digital asset market to oppose the SEC's latest overreach and are prepared to fight it fully within the bounds of the law.

We will work together with industry partners to defend this important technology and resist misleading lawsuits. At the same time, we will continue to strive to provide users with a secure and trustworthy platform, upholding our core values of promoting monetary freedom.