Binance CZ says SEC lawsuit is ‘an attack on the entire industry’

Binance CEO Changpeng Zhao (CZ) described the U.S. Security and Exchange Commission suit against his steadfast arsenic an onslaught connected the full crypto industry.

On June 5, the SEC filed a lawsuit against Binance, and related entities, alleging national securities instrumentality violations placing American investors astatine risk, including the steadfast offering of unregistered information tokens successful BNB, ADA, and ALGO, among others.

Binance claims the SEC suit is an overreach

In a June 5 statement, Binance said the SEC’s suit is an “overreach” due to the fact that it is not a U.S. exchange. The steadfast said it stands with “digital plus marketplace participants successful the U.S.” and is “prepared to combat [the lawsuit] to the afloat grade of the law.”

Despite its practice with the regulator, Binance denied the allegations and expressed disappointment astatine the SEC’s actions. It said:

“The SEC’s refusal to productively prosecute with america is conscionable different illustration of the Commission’s misguided and conscious refusal to supply much-needed clarity and guidance to the integer plus industry.”

Additionally, the U.S. subsidiary of the embattled exchange, Binance.US, labeled the SEC’s suit arsenic “baseless,” describing it arsenic the latest illustration of the Commision’s regulation-by-enforcement attack towards the crypto industry.

Crypto assemblage backs Binance

Meanwhile, the suit appears to person agreed the crypto community, with respective salient figures coming guardant successful support of Binance.

Cardano (ADA) laminitis Charles Hoskinson said the suit was “the adjacent successful a bid of steps to instrumentality chokepoint 2.0 successful the United States.” Hoskinson noted that this is not a regulatory lawsuit but a political, philosophical disagreement astir the beingness of cryptocurrencies and what they represent.

TRON laminitis Justin Sun replied to CZ, saying helium is “fully alert of your dedication to advancing the cryptocurrency industry, and your abilities and morals are beyond reproach.”

The station Binance CZ says SEC suit is ‘an onslaught connected the full industry’ appeared archetypal connected CryptoSlate.