Binance.US Counters SEC's Requests in Ongoing Legal Battle

Binance.US disputes SEC's requests as 'unreasonable' and 'unduly burdensome' in the ongoing legal battle.

Posted 8 months ago in Blockchain

Legal document with a magnifying glass

Binance.US has responded to the U.S. Securities and Exchange Commission's (SEC) motion to compel, calling most of the SEC's requests "unreasonable" and "unduly burdensome." Attorneys for BAM Trading Services, the operator of Binance.US, filed sealed documents opposing the SEC's additional demands. The defendant argued that the SEC's requests for production and interrogatories were overly broad and beyond the scope of the consent order. They disputed the SEC's demand for certainty and depositions of BAM CEO Brian Shroder and CFO Jasmine Lee, stating that these requests were unreasonable.

The defendant's lawyers noted that the SEC's motion failed to provide any evidence linking Shroder and Lee to the day-to-day management details of custody and asset transfers at Binance.US. They argued that BAM has other witnesses with more insights into its operations, including its chief information security officer. According to the defendants, the SEC's allegations are misleading and mistaken, with no evidence to support the unsubstantiated claims of diverted customer assets.

BAM's response comes after the SEC and Binance agreed on a protective motion, requiring the filing of confidential information under seal. The joint motion, submitted by both parties, aims to restrict access to confidential and non-public materials, including the judge, attorneys, plaintiffs, and defendants.

This ongoing legal battle between Binance.US and the SEC highlights the disagreements and challenges faced by cryptocurrency exchanges in the United States.

Last updated 9/12/2023, 3:08:16 AM


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