The legal fight between Binance .US and the Securities and Exchange Commission (SEC) has deepened as the regulator attempts to manipulate public opinion . Binance has responded strongly to these allegations which shed light on the ongoing battle between traditional finance and the cryptocurrency industry .
SEC’s Aggressive Stance on Crypto Sector
Since the beginning of the year the SEC has been persistently targeting the crypto sector by refusing to let go of its grip on regulation . In early June Binance .US and Coinbase were sued by the SEC as they were accused of providing unauthorized services for the purchase and sale of securities . However the legal frame that surrounds cryptocurrencies remains ambiguous and the determination of whether they are securities lies with the American Congress rather than the SEC .
Binance .US Fights Back Against Unfounded Charges
Binance .US is currently defending itself against the SEC’s claims which its legal team says to be baseless . In a motion filed with the judge Binance’s attorneys highlighted the SEC’s attempt to manipulate public opinion through rumors and false accusations . They called out a news article by SEC Director Gurbir Grewal who is the head of the enforcement department published on June 17 which implied that Binance abuses customer assets without providing any evidence to support the claim .
A Battle of Manipulating Public Opinion
As the legal battle between the crypto industry and the SEC unfolds both sides are making use of various strategies to weaken their opponents . The manipulation of public opinion has become a powerful means in this fight . While the truth behind the allegations remain uncertain the lack of evidence and contradictions weaken the SEC’s position in this particular case .
The Ongoing War Between Old and New Finance
The tension between traditional finance and the crypto industry continues to spiral . The outcome of this battle will determine the future strength or weakness of exchanges like Binance and Coinbase . However one thing is certain . The war between old and new finance is far from over . As the regulatory landscape evolves the clash between established financial institutions and the disruptive force of cryptocurrencies will shape the future of the financial industry .France’s financial regulator the AMF has granted CACEIS which is a subsidiary of Crédit Agricole and Santander official registration as a cryptocurrency depository . It is an indication of the expansion of crypto services within the country and the broader European Union (EU) .
AMF’s Oversight and CACEIS’s Ambition
The AMF as it has been entrusted with monitoring cryptocurrency companies in France until the implementation of the EU’s MiCA regulatory framework has been actively issuing licenses required for crypto service providers . In the latest update of authorized companies CACEIS now holds registration as a cryptocurrency custodian which is a milestone the company has been working towards for the past two years .
Leading Financial Institution Enters the Crypto Space
CACEIS specializes in financial services for institutional investors and manages over €4,600 billion in assets . It has officially joined the ranks of French banking groups like Forge of Société Générale and AXA Investment Managers who have already obtained registration as cryptocurrency custodians . The list of AMF-authorized companies offering such services in France also includes Caisse des dépôts et consignations, Binance France eToro and Bitstamp Europe .
EU’s Wider Trend of Embracing Crypto Services
CACEIS’s registration side with a broader trend observed across the EU as demonstrated by Deutsche Bank AG which is Germany’s largest banking institution applying for a digital asset custody license . Several prominent banks on the continent have begun offering crypto services to their customers which marks a shift from previous years of skepticism and reflecting the increasing importance of regulatory clarity .
MiCA Regulation and EU’s Appeal
The introduction of the MiCA regulatory framework offers heightened guarantees and a structured environment for crypto activities within the EU . This development ranks the region as an attractive destination for industry players who are looking for regulatory clarity particularly amidst the uncertainty prevalent in the United States .
Positive Implications for Institutional Clients and Regulatory Support
CACEIS’s registration as a crypto custodian in France brings positive implications for its institutional clients who can now access internal crypto services . The move also highlights AMF’s alertness to industry demands and its commitment to supporting companies while ensuring compliance with existing standards .
As the EU’s crypto industry continues to grow and is supported by regulatory advancements and participation from traditional financial institutions it signifies a transformative phase for both the financial sector and the broader adoption of cryptocurrencies across the region .
