Binance files for protective order against SEC

Crypto trade Binance late on Monday filed for a protecting court docket order towards the US Securities and Exchange Commission saying the regulator’s requests for info had been “over broad” and “unduly burdensome”.

In a court docket submitting within the US District Court of Columbia, BAM Trading, Binance US’s working firm and BAM Management stated the group had already offered enough info to the regulator.

The protecting order seeks to restrict the SEC, amongst different issues, to 4 depositions from BAM staff, and to drop the deposition of BAM’s chief govt and of its chief monetary officer, with out naming anybody.

Binance and the SEC didn’t instantly reply to a request for remark.

In June, US regulators sued Binance and CEO Changpeng Zhao for allegedly working a “web of deception,” itemizing 13 fees together with claims that the corporate artificially inflated its buying and selling volumes, diverted buyer funds, failed to limit US prospects from its platform and misled traders about its market surveillance controls.

“…the SEC has still yet to identify any evidence suggesting that customer assets were misused or dissipated in any way,” the submitting stated.

The SEC has declined BAM’s proposals to meaningfully restrict its requests and is against the movement for a protecting order, the submitting stated.

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