Crypto exchange Binance files for protective order against SEC

Crypto trade Binance late on Monday filed for a protecting courtroom order towards the US Securities and Exchange Commission, saying the regulator’s requests for data have been “over broad” and “unduly burdensome.”

BAM Trading, Binance US’ working firm, and BAM Management in a courtroom submitting within the US District Court of Columbia mentioned the group had already supplied ample data to the regulator.

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

Binance didn’t instantly reply to a request for remark, whereas the SEC declined to remark.

US regulators sued Binance and CEO Changpeng Zhao in June for allegedly working a “web of deception,” itemizing 13 prices together with claims the corporate artificially inflated its buying and selling volumes, diverted buyer funds, failed to limit U.S. prospects from its platform and misled buyers 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 mentioned.

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

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