Binance.US, the American arm of the global cryptocurrency exchange, has slammed the United States Securities and Exchange Commission’s (SEC) requests as “unreasonable” and “unduly burdensome” in its recent response to a motion. This strongly worded filing arrives on the heels of Binance and the SEC agreeing on a joint motion to file confidential information under seal. As a result, the Binance vs. SEC legal battle has only intensified.
Binance vs. SEC Intensifies
In this clash with the SEC, Binance.US defended itself against demands for production and interrogatories, arguing that they are “overly broad, unduly burdensome, and beyond the scope of the consent order.” The company’s attorneys also contended that the SEC’s requests for depositions of Binance.US CEO Brian Shroder and CFO Jasmine Lee are unreasonable. Neither official has any direct involvement in the management details of customer asset custody and transfers.
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One attorney present during the case reported, “The SEC’s motion offers no evidence supporting their claim that Shroder and Lee have unique knowledge regarding facts relevant to the limited topics specified in the consent order’s expedited discovery provision.” The legal team added that Binance.US has already provided numerous witnesses with more insights into the company’s operations.
Furthermore, the attorneys argued that the SEC still possesses “no evidence to support its unsubstantiated allegations” suggesting the misallocation of customer assets. In the view of the defense, the allegations in the SEC’s cross-motion to compel are “misleading and mistaken.”
This exchange of legal filings comes after Binance and the SEC agreed on a protective motion, requiring both parties to submit confidential information under seal. As the Binance vs. SEC case progresses, the cryptocurrency world and its investors will undoubtedly monitor its developments closely. Insiders hope this legal battle will shape a clearer regulatory framework for digital assets in the US market.
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions
