Stuart Alderoty Appreciates Binance's Efforts To Solve Money Laundering Case With DOJ

Stuart Alderoty, Legal Officer Ripple. (Photo; Doc. Bitcoinist)

JAKARTA - Ripple, one of the world's leading crypto companies, appreciates Binance, the largest crypto exchange, for efforts to resolve cases of anti-money laundering (AML) violations with the US Department of Justice (DOJ).

According to Stuart Alderoty, Ripple Legal Officer, the settlement is an important step to align the crypto industry with applicable legal and security standards.

Alderoty said that major banks have also experienced the same regulatory process. He added that in DOJ's lawsuit against Binance, no one mentioned the "crypto securities" or the US Securities and Exchange Commission (SEC). This shows that DOJ does not consider Binance violating securities laws or classifying trading assets on its platform as securities.

Furthermore, Alderoty also questioned the SEC's terminology of "crypto asset securities", which he said had no legal basis and recognition. He referred to a different DOJ approach to the Binance case. In addition, Alderoty also highlighted the involvement of the Ministry of Finance and the Commodity Futures Trading Commission (CFTC) in the Binance case, which did not involve the SEC.

He proposed that the SEC's absence shows that the agency is not in line with international regulatory trends and domestic partners in the US administration under the leadership of Gary Gensler. Alderoty even called SEC behavior such as "CHIld children who like TO spit", especially when announcing a lawsuit against Kraken, a US-based crypto exchange.

The SEC accused Kraken of violating securities and mixing funds. However, Kraken denied the allegations and said it would defend itself at the court.