On June 7th, Binance released a statement on its Chinese social channels with the hashtag #StrongTogether. The cryptocurrency exchange denied allegations of siphoning consumers' funds, collateralized borrowings, and making large donations to political candidates or entertainment and media entities. Although Binance did not name the exchange it was differentiating from, FTX has been accused of mismanaging consumers' assets and lending money to its sister hedge fund, Alameda Research. The SEC sued Binance on June 5th for allegedly selling unregistered securities to US users and operating an unregistered exchange in the United States.