• Binance, the world’s largest crypto exchange, has recently been accused by the U.S. Securities and Exchange Commission (SEC) of selling unregistered securities.
• Recently, a crypto whale withdrew 20 million USDT from Aave and deposited it on Binance to show its trust in the crypto exchange and to express support for Binance during this challenging period.
• The support from whales is expected to boost the exchange’s position in the legal battle against the SEC.
Binance Facing Lawsuit from SEC
Binance, the world’s largest crypto exchange, has recently been accused by the U.S. Securities and Exchange Commission (SEC) of selling unregistered securities. The SEC filed charges against Binance and its CEO Changpeng Zhao for allegedly violating securities laws in their offering of digital assets through their platform.
Crypto Whales Showing Support for Binance
Recently, Justin Sun, former TRON CEO, raised his support for Binance CEO CZ following the lawsuit by the SEC and now crypto whales are coming forward to show their support for the exchange as well. Lookonchain reported that a whale withdrew 20 million USDT from Aave and deposited it on Binance to express its trust in the crypto exchange during this challenging period. This shows that despite facing legal challenges, there is strong vote of confidence from cryptocurrency community towards Binance and its ability to defend itself against these charges.
10 Million USDC Withdrawn After SEC Charges
Interestingly enough, this same whale had once withdrawn 10 million USDC from Binance one hour after news about SEC suing Binance was reported according to Lookonchain’s report.
Crypto Community Standing Behind Biance
The overall message here is that despite facing legal challenges with potential repercussions if found guilty; cryptocurrency community is standing behind them which is evident through these significant deposits into their platform made my whales indicating their belief in their abilities as well as trustworthiness of their platform even while under scrutiny by government authorities such as SEC .
Boosting Exchange Position in Legal Battle
This support from these whales might potentially help them gain some leverage when defending themselves against charges brought upon them by regulators like SEC which could ultimately boost their position in this ongoing legal battle they are currently embroiled in .
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