Banance.Us give banks because the legal dispute of the SEC begins
Banance.Us give banks because the legal dispute of the SEC begins
After the announcement of complaints against Coinbase and Binance On Monday, companies started polarizing themselves both within and outside of the crypto industry.
The civil lawsuit submitted against Binance - the SEC claims that it is the actual beneficiary of Binance.Us - has not yet started. However, companies that are affected by the Situation have started to take measures to secure their balance sheets.
Missing communication
In line with similar statements by managers of Coinbase and Kraken, which accused the SEC, to have refused to enter into a constructive dialogue before the initiation of a legal dispute, Binance said that they were disappointed that the agency had preferred a legal dispute to a amicable discussion.
"We have had extensive conversations in good faith in order to achieve a negotiating solution to solve your investigation. But despite our efforts, the SEC has given up this process with its current complaint and instead decided to act one -sidedly and to initiate a legal dispute.
We are discouraged by this choice. Although we take the allegations of the SEC seriously, you should not be the subject of a enforcement measure of the SEC, let alone in an emergency. We want to vigorously defend our platform. ”
Unfortunately, for Binance the fact that they are now involved in a legal dispute turns out to be too much for the shy banking representatives who have started to "put their relationships with crypto trade giants on hold".
crypto-to-crypto
in a declaration published on Twitter.
The SEC has applied extremely aggressive and intimidating tactics to persecute an ideological campaign against the American digital asset industry. https://t.co/Azwobogsqs and our business partners were not spared the use of these tactics, which has led to ... pic.twitter.com/rlie6swioy
-binance.us 🇺🇸 (@binanceus) 9. June 2023
Theoretically, a crypto investor would not have to worry too much about it, since the payment can still be made via stable coins that are transferred to another exchange. However, cautious investors could now decide to withdraw from the markets.At the moment, this decision is only relevant for Binance. No announcement was made for Fiat withdrawals for Binance itself. However, this is definitely not off the table. Speakers of Binance have not stated which of the banks with which they work together ended their cooperation.
Especially because of the scope of its business, Binance has always done business with several of these organizations, including Cross River Bank, Axos Bank and the three recently dissolved banks, about which there was a lot back and forth at the beginning of spring.
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