said<\/a> former SEC internet enforcement chief John Reed Stark on Twitter. \u201cGiven the gravity of the fraud alleged by the CFTC and SEC (which might also be the tip of the iceberg of any criminal indictment), a DOJ prosecutor would certainly seek prison time for anyone convicted or pleading guilty to Binance-related crimes.\u201d<\/p>\nCanellos\u2019 addition to the Binance.US legal team came amid the U.S. firm facing a lawsuit from the SEC alleging it failed to register an exchange, broker and clearing agency. The SEC made similar allegations against global exchange Binance in the same filing and Coinbase in a subsequent filing, and attempted to freeze the assets of the U.S. exchange through a temporary restraining order. <\/p>\n
\u201cIf the Court does address the merits of the SEC\u2019s motion, it should deny that motion,\u201d said Binance.US in a June 12 filing on the SEC\u2019s court petition to freeze assets. \u201cThe SEC\u2019s proposed remedies would effectively end [Binance.US\u2019] business. The SEC seeks, among many other things, a draconian and unduly burdensome freeze of all the company\u2019s operations without any exceptions.\u201d<\/p>\n
Related: <\/em><\/strong>Binance.US halts trading for dozens of USDT, BTC, BUSD pairs amid SEC lawsuit<\/em><\/strong><\/p>\nFollowing the SEC\u2019s actions, Binance.US announced on June 9 it would be suspending U.S dollar deposits and potentially pausing fiat withdrawals starting as early as June 13. The exchange cited the SEC\u2019s \u201cextremely aggressive and intimidating tactics\u201d in its reasons for the move.<\/p>\n
U.S. lawmakers and industry leaders have criticized the SEC for its seemingly heavy-handed approach to crypto enforcement. On June 12, Representative Warren Davidson called for the firing of SEC chair Gary Gensler through a proposed bill aimed at restructuring the commission.<\/p>\n
Magazine: <\/em><\/strong>Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n<\/div>\n