Binance.US CEO Criticizes SEC Fraud Claims and Plans USD Services Restoration
Binance.US interim CEO Norman Reed criticized the US SEC for labeling the exchange a “cauldron of fraud” without evidence. He stated that the SEC's actions have severely disrupted operations, causing financial losses, layoffs, and reputational damage.
Key Points
- The SEC filed a lawsuit against Binance and Binance.US in June 2023 post-FTX collapse.
- Binance reached a $4.3 billion settlement, while Binance.US faced separate regulatory challenges.
- Reed claims the SEC's actions led to significant customer withdrawals and severed institutional ties.
- Reed plans to restore USD fiat services in the coming weeks, indicating ongoing discussions with banks and regulators.
- Reed emphasized the resilience of the Binance.US team, viewing their survival as a case study for the crypto industry.
- Comments from Binance’s global CEO suggest talks on reentering the US market are premature.
- Reed mentioned “Operation Chokepoint 2.0,” claiming the SEC is targeting Binance.US with damaging reputational tactics.
- Multiple US agencies are investigating Binance.US, but only the SEC has pursued action.
- There is optimism for a more favorable regulatory environment under a potential Trump administration.