Binance Files Protective Court Order Against SECs Overreaching Requests

Crypto Exchange Binance Files for Protective Court Order Against SEC

Crypto exchange Binance has filed for a protective court order against the U.S. Securities and Exchange Commission (SEC), claiming that the regulator’s requests for information are excessive and burdensome. Binance U.S.’s operating company, BAM Trading, argues that it has already provided sufficient information to the SEC and seeks to limit the depositions from BAM employees.

Key Points:

Binance files for protective court order against the SEC
BAM Trading argues that it has already provided sufficient information
The protective order aims to limit the number of depositions from BAM employees
Binance and the SEC have not yet commented on the matter
The SEC sued Binance and CEO Changpeng Zhao in June over alleged fraudulent activities

Binance and the SEC have not yet commented on the filing. The SEC sued Binance and its CEO in June, accusing them of operating a “web of deception” and engaging in fraudulent activities. Binance denies the allegations and states that the SEC has not provided any evidence of customer assets being misused. The SEC has declined BAM’s proposals to limit its requests and is opposing the motion for a protective order.

Hot Take:

With the filing of a protective court order, Binance is pushing back against the SEC’s extensive requests for information. The exchange maintains that it has already provided sufficient information and wants to limit the depositions from its employees. This legal battle between Binance and the SEC has significant implications for the crypto industry, as it could shape regulatory actions and requirements for other exchanges in the future.