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Experts Say, Binance Complaint against SEC May Lead to Criminal Prosecution

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John Reed Stark, former US SEC attorney said today that Binance is looking for trouble by filing a legal motion against the United States Securities and Exchange Commission.

As per the statements of the former SEC official, the crypto exchange cannot compare with SEC and is probably working with international law enforcement, whistleblowers, and informants.

He went further to forecast that the resultant outcome of the case between SEC and Binance will be the unsealing or filing of criminal charges.

More Details of the Story

Taking to Twitter on Friday, June 23, former Securities and Exchange Commission official John Reed Stark argues on behalf of the SEC.

According to him, before the SEC lays an accusing finger on Binance, they probably gathered statements and information from criminal investigation agencies, whistleblowers, and informants.

As a result, Binance is actually “intentionally offending” the regulators who are stronger than them.

Especially, when the SEC attorney’s statements show that the regulators may have a hold over Binance.

READ ALSO: David Schwartz Ripple CTO Handles the Issue of Missing XRP Transactions from 2012 Saying Ripple Didn’t Create XRP

This may in turn cause the Securities and Exchange Commission to unseal the criminal charges which are connected to Binance and/or its top officials.

Stark went further to say that, “utilizing a legal action as a publicity stunt isn’t recommendable especially when there is an existence of a criminal case that is already in process under seal. Which is IMHO, exactly the case with Binance”

Backstory

Previously, Binance, the largest crypto exchange by volume filed a complaint with Judge Amy Berman against SEC.

In the motion, Binance asked Jude to stop SEC from announcing publicly that Binance and Changpeng Zhao, its CEO are mishandling the United States-based user’s assets.

The exchange argued that, since SEC doesn’t have or present proof of what they are announcing yet.

As a result, the regulators shouldn’t make such misleading statements to avoid “tainting” the jury pool.

According to Stark, this latest motion by Binance can be advantageous to the customers of the exchange who hold funds or are BNB native token holders on the exchange.

The reason is that the motion minimizes FUD (Fear Uncertainty and Doubt).

But then, it can result in the uncovering or filing of criminal litigation against Binance which is under contemplation already.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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