Binance Takes a Stand Against SEC’s Investigation
Binance, one of the world’s leading cryptocurrency exchanges, has accused the U.S. Securities and Exchange Commission (SEC) of launching an unjustifiable investigation. Here’s what you need to know:
- Binance argues that the SEC’s demands are excessive and seeks to investigate every aspect of the exchange’s asset custody practices. They refer to communications dating back to November 2022 and requests to depose CEO Brian Shroder and CFO Jasmine Lee as examples of this overreach.
- Binance defends that its CEO and CFO do not possess unique firsthand knowledge relevant to the case, despite the SEC’s proposed order to question them. The exchange believes that less intrusive discovery methods are available.
- In its protective motion, Binance asserts that it has already provided extensive information about customer assets and has worked in good faith to respond to the SEC’s demands.
- Binance seeks to protect its CEO and CFO from deposition, labeling the SEC’s actions as an inappropriate fishing expedition that goes beyond the scope of the consent order.
- This legal move by Binance marks a bold stance in the ongoing legal battle between regulatory bodies and cryptocurrency entities. With strong arguments and an abundance of documents, Binance is making it clear that the SEC’s current approach is unacceptable and they are prepared to fight back.
Hot Take: Binance’s motion for a protective order showcases the exchange’s determination to challenge the SEC’s investigation. This bold move sets the stage for a potentially groundbreaking clash between cryptocurrency exchanges and regulatory bodies.
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