Binance Petitions Against SEC
Binance, one of the largest cryptocurrency exchanges, has filed a petition against the SEC, arguing that the regulator’s demands are excessive and go beyond the scope of their case. Here are the key points:
1. Binance believes the SEC’s requests for exchange communications are burdensome and resemble a fishing expedition.
2. The exchange claims that their requests for information, including client assets, were made in good faith, despite the SEC’s primary concerns being unrelated to asset custody.
3. Binance criticizes the SEC’s focus on depositions involving top executives who are not closely involved in asset custody practices.
4. The company has already proposed depositions with senior staff directly overseeing client assets, which the SEC seems to have overlooked.
5. This legal battle stems from the SEC’s allegation that Binance operated without proper securities registration, similar to a case against Coinbase.
In conclusion, Binance is pushing back against the SEC’s demands, arguing that they are unreasonable and exceed the scope of the case. Tensions between Binance and the SEC continue to escalate.
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