Check out this article to know about Binance vs SEC, Crypto Exchange’s Emergency Fund Dwindles
The CEO of crypto exchange Binance, Changpeng Zhao, tweeted on Tuesday that the company has not sold Bitcoin or Binance Coin, its native token.
The Wall Street Journal reports that Binance, the largest cryptocurrency exchange in the world, established an emergency fund in 2018 to reassure customers that their digital possessions are safe. The value of Binance’s wet day fund has decreased by 11% now that federal regulators have pinpointed the company.
The U.S. Securities and Exchange Commission filed a lawsuit against Binance last week, bringing 13 charges against the company, Zhao, and the owner of its alleged independent U.S. exchange.
After the crypto market was battered by a string of meltdowns, including the bankruptcy of FTX, Binance’s biggest competitor, last year, fears that the ordeal could be prolonged even further have increased as a result of the lawsuits against Coinbase Global and Binance.
Since the SEC’s action, the value of Binance Coin has decreased by more than 20%.
Binance. On Monday, the United States of America and Binance submitted their initial responses to the Securities and Exchange Commission (SEC), arguing that the SEC’s request for a temporary restraining order would prevent them from paying vendors, employees, and anyone else. Additionally, their actual defense against the SEC’s charges was shown in the filings.
Last week, the SEC made several very serious allegations against Binance. Today, those allegations will be put to the test for the first time in court.
Binance. In a dramatic response to the SEC’s restraining order motion, the United States stated that if granted, it could shut down the business.
