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by Mike Caswell

The legal battle between the U.S. Securities and Exchange Commission and Canadian cryptocurrency billionaire Changpeng Zhao is looking to be a very contested one, with the judge having to issue a ruling on Monday about the contents of an SEC news release. Mr. Zhao had complained that the SEC issued a news release that led to "confusion and uncertainty" among U.S. customers of his cryptocurrency exchange. He said that the SEC claimed to be protecting investor assets, and wrongly left the impression that he had diverted customer money.

The squabble over the SEC's news release comes as part of its case against Mr. Zhao's Binance Holdings Ltd., operator of a cryptocurrency exchange that has handled as much as $9.58-trillion in trading. (All figures are in U.S. dollars.) The SEC claims that Binance has been operating in the U.S. as an unregistered exchange. The company holds billions of dollars in assets, much of it belonging to U.S. customers, without having proper oversight, the SEC says.

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