Binance filed a motion seeking a protective order concerning deposition notices and discovery requests made by the US Securities & Exchange Commission
. The exchange states that the financial regulator is asking for communication that includes topics that have nothing to do with customer assets.
Binance argues that the platform has provided sufficient information to the regulator but that the SEC has continued its “fishing expedition.”cryptocurrency exchanges in the world, filed a motion for a protective order against the SEC. The exchange says that the regulator is simply looking for issues with the exchange, and by that it refers to demands of information based on what it terms the SEC’s hunches and accusations., BAM Trading, the company behind Binance.US, seeks a protective order and cites the different deposition notices and discovery requests made by the regulator.
According to the platform, it has cooperated with the SEC and provided sufficient information to the regulator, working in good faith. However, the exchange interprets SEC’s approach as an investigation into every aspect of BAM’s asset custody practices without any discernible limitation.The SEC has declined BAM’s proposals or to meaningfully limit its requests. The SEC’s position is unreasonable and part of a broader pattern of the SEC abusing the discovery provision of the Consent Order.
The filing explains that six of the exchange’s executives, including CEO Changpenge Zhao , are available for depositions., within in its multi-month downward trend that started in April 2023.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
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