Crypto giant Binance is allocating a lot of money to litigate with the US Securities and Exchange Commission (SEC), the creator of the Bitboy Crypto YouTube channel said, citing a company lawyer.
“I spoke with a Binance lawyer: they have allocated $1 billion to fight the SEC. Basically, the exchange could hire all the major law firms at once to fight for the company,” Ben Armstrong tweeted.
By comparison, Ripple spent just $150 million fighting the same U.S. regulator in court, the crypto influencer added.
Earlier, the US Securities and Exchange Commission (SEC) sued Binance and its founder Changpeng Zhao, and later a similar lawsuit was filed against the Coinbase exchange. The SEC then requested a freeze on Binance.US assets. Soon, the American division of Binance announced the imminent shutdown of deposits in US dollars at the behest of banking partners.
Meanwhile, Binance lawyers provided information that in 2019, SEC Chairman Gary Gensler offered himself as an advisor to a cryptocurrency exchange. Gensler was appointed head of the SEC in 2021 by President Joe Biden, and in 2023 the official cracked down hard on the crypto industry, suing numerous companies for allegedly selling unregistered securities.
