Binance Files Motion for Protective Order Against SEC
Binance, the popular cryptocurrency exchange, has filed a motion requesting a protective order against the US Securities and Exchange Commission (SEC). The exchange claims that the SEC is conducting a “fishing expedition” instead of seeking the limited discovery authorized by the Consent Order.
Key points:
– Binance argues that it has already provided the SEC with the necessary information.
– The SEC’s demand for communications dating back to November 2022 is seen as irrelevant to the underlying claims.
– Binance asserts that it has implemented measures to ensure the security of customer assets and has provided the SEC with information about customer assets.
– The exchange urges the court to grant a protective order to restrict the SEC from conducting more than four depositions of Binance employees.
– Binance also requests that the SEC be prohibited from asking questions beyond the boundaries defined by the Consent Order.
Binance vs. SEC
The SEC’s actions against Binance stem from the lack of regulatory framework for digital assets in the US. The SEC has used its own interpretations to oversee the sector, which has led to criticism. In June, the SEC sued Binance and CEO Changpeng ‘CZ’ Zhao, accusing them of operating a “web of deception.”
Hot Take: Binance’s motion for a protective order highlights the ongoing battle between the exchange and the SEC. Binance argues that the SEC’s demands go beyond what is necessary, while the SEC accuses the exchange of fraudulent activities. This case will likely shape the future regulatory landscape for cryptocurrency exchanges in the US.
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