The US Securities & Exchange Commission sued Binance, Binance.US, and Changpeng Zhao in June 2023. The Department of Justice has deemed the company’s founder guilty of charges, and he is currently serving jail time. As for Binance.US, the company now has additional steps to take, as a US Federal Judge has upheld the agency’s charges against it. Binance said that it is looking forward to more discoveries, given that the SEC has been unable to identify evidence of wrongdoing.
Charges against Binance.US concern offering unregistered investment products and violating anti-fraud provisions. Binance responded by saying that it has always used the limited guidance the Commission offered to stay compliant. The company also said that it was unfortunate to fall victim to such a politically motivated overreach under the current leadership.
In a post on X, Binance.US said that it is confident about receiving a favorable outcome from the legal battle. The SEC has yet to identify any major evidence, and its case remains unsupported by facts or law. Additionally, Binance.US asserted that the SEC lacks the necessary authority to pursue legal action against the company.
Community members have come forward to support Binance.US. They are responding to the post on X by asking them to stay strong or hang in there.
Binance is confident that the ongoing discovery expansion will not hamper its operations. It has even committed to continuing to add new features to the platform. Although Binance.US has not yet published the list, we can safely assume that it will soon become public. The most recent update was to its mobile application, wherein Binance collaborated with its users to improve the experience.
According to the announcement on X, improvements have been made in three areas: discovery, design, and evaluation. Discovery refers to obtaining customer insights about important features and information. The design aims to make home-screen navigation seamless. Binance has completed these two stages and will not proceed to the third stage, where it will assess the enhancements through feedback from actual customers.
In the meantime, Binance is attempting to secure the release of its executives who are currently in prison in Nigeria. The native government has defended the treatment of its executives, denying claims that Tigran Gambaryan has faced poor health while in prison. Last week, two US lawmakers called out the Nigerian government’s actions. They had pleaded for their release and demanded reasonable justification for their arrests. The Nigerian government continues to imprison him on charges of money laundering and tax evasion.
Although the charges of tax evasion have been dismissed, Tigran Gambaryan, an executive of Binance, is currently engaged in a legal battle to establish his innocence regarding money laundering allegations.