Following SEC indictment, crypto giant Binance is defending itself against allegations by the U.S. Securities and Exchange Commission. Binance assures customers that all funds are safe.

It's the next big legal battle being fought in the U.S. over crypto. Last night, the Securities and Exchange Commission issued an indictment against Binance. An indictment that had an immediate effect on the entire crypto market. The 13 charges range from illegal rapprochement of the U.S. market to misappropriation of customer funds. Binance responded in a blog post, the company of crypto billionaire Changpeng Zhao will "vigorously defend" against the lawsuit.

"This is about the future of digital assets in the United States," says @Scaramucci on crypto regulation. "The question is: will the United States continue to lead the world in financial services?" pic.twitter.com/3W3Wch6f80
— Last Call (@LastCallCNBC) June 5, 2023

Above all, the exchange vehemently rejects accusations of embezzlement. Customer funds are "safe" on the platform, they once again make clear. Whether Binance's umbrella organization has actively interfered in the affairs of its U.S. subsidiary remains unanswered in the initial response.

Instead, it said "disappointed" about the SEC's actions. The "undermines America's role as a global hub for innovation and leadership". U.S. policy is at odds with the direction of Europe and China. The securities regulator wants "make headlines" with the lawsuit, the company continued. In addition to the SEC, the U.S. derivatives regulator CFTC is also suing Binance. The trading platform allegedly violated requirements against money laundering and terrorist financing.