The interim CEO of Binance.US, Norman Reed, has accused the US Securities and Exchange Commission (SEC) of labeling the exchange as fraudulent without providing evidence in court. Reed believes that the SEC's actions, such as cutting off banking relationships, were part of a broader effort to crack down on the crypto industry. The SEC had filed a lawsuit against Binance.US, Binance Global, and its founder Changpeng Zhao (CZ) following the collapse of crypto exchange FTX. While Binance Global settled with a $4.3 billion agreement and CZ was sentenced to prison, Binance.US continued to battle the SEC. Reed claims that the SEC's accusations spooked corporate partners and led to operational difficulties and the loss of billions in client funds. Despite the allegations, SEC attorneys admitted in court that there was no evidence of fraud. Reed links the SEC's actions to a systematic debanking effort targeting crypto firms, which he refers to as "Operation Chokepoint."



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