Binance.US Faces Setback in SEC Case
The Securities and Exchange Commission (SEC) has faced a setback in its case against Binance.US as a federal magistrate judge denied the regulator instant access to Binance.US’s software. The SEC charged Binance.US, along with Binance Holdings and its CEO Changpeng Zhao, in June. However, obtaining information from Binance.US has proved challenging for the SEC.
In an attempt to gather more information, the SEC requested permission from a federal magistrate judge to examine Binance.US’s technology infrastructure and compel the company to share additional information. Unfortunately for the SEC, their request for instant access was denied by the magistrate.
Despite this minor procedural roadblock, the SEC revealed that Binance.US provided fewer than 250 documents and three deposition witnesses. In comparison, Coinbase Global Inc., the largest cryptocurrency exchange in the US, reported a daily trading volume of $948 million, while Binance.US had a daily trading volume of around $10.5 million as of Monday, according to data from CoinGecko.
Hot Take: SEC Faces Hurdles in Binance.US Case
The Securities and Exchange Commission is encountering obstacles in its case against Binance.US. The recent denial of instant access to Binance.US’s software by a federal magistrate judge hampers the SEC’s progress. While efforts were made to obtain more information by requesting permission to examine the company’s technology infrastructure, this request was also rejected.
With Binance.US providing limited documentation and witness accounts, it remains to be seen how the SEC will proceed in gathering evidence for their case. Additionally, the significant difference in trading volumes between Coinbase Global Inc. and Binance.US highlights the competitive landscape within the US cryptocurrency exchange market.
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