{"id":22260,"date":"2023-09-12T08:29:51","date_gmt":"2023-09-12T08:29:51","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/binance-us-calls-secs-court-requests-unreasonable-in-new-filing\/"},"modified":"2023-09-12T08:29:53","modified_gmt":"2023-09-12T08:29:53","slug":"binance-us-calls-secs-court-requests-unreasonable-in-new-filing","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/binance-us-calls-secs-court-requests-unreasonable-in-new-filing\/","title":{"rendered":"Binance.US calls SEC\u2019s court requests ‘unreasonable’ in new filing"},"content":{"rendered":"
<\/p>\n
Binance.US has responded to the motion to compel and reply by the United States Securities and Exchange Commission (SEC), calling most of the SEC\u2019s requests \u201cunreasonable\u201d and \u201cunduly burdensome.\u201d<\/p>\n
Attorneys of BAM Trading Services, which operates Binance.US cryptocurrency exchange, on Sept. 12 filed sealed documents for opposition to the U.S. SEC seeking additional details from Binance.US.<\/p>\n
The defendants argued that the SEC\u2019s requests for production and interrogatories are \u201coverly broad, unduly burdensome\u201d and \u201cbeyond the scope of the consent order.\u201d BAM attorneys claimed that the SEC\u2019s demand for certainty, as well as the requests for depositions of BAM\u2019s CEO Brian Shroder and chief financial officer Jasmine Lee were \u201cunreasonable.\u201d<\/p>\n
BAM attorneys stated that the SEC\u2019s motion \u201cdoes not identify any evidence\u201d that Shroder and Lee are involved in the day-to-day management details concerning the custody and transfer of customer assets at Binance.US.<\/p>\n
\u201cBAM\u2019s CEO and CFO have no unique knowledge regarding facts relevant to the limited topics identified in the consent order\u2019s expedited discovery provision,\u201d the lawyers said. The attorneys also said that BAM has offered many other witnesses, which had more insights about BAM\u2019s operations, including BAM\u2019s chief information security officer Erik Kellogg. The lawyers noted:<\/p>\n
\u201cThe burden imposed by these depositions far outweighs their potential benefit, and the discovery sought is disproportionate to the needs contemplated by the consent order.\u201d<\/p><\/blockquote>\n
The attorneys also argued that the SEC still has \u201cno evidence to support its unsubstantiated allegations\u201d implying that customer assets have been somehow diverted. According to the defendants, the SEC\u2019s allegations that form its cross-motion to compel are \u201cmisleading and mistaken.\u201d<\/p>\n
Related: <\/em><\/strong>Binance\u2019s Richard Teng denies FTX comparisons: \u2018We welcome the scrutiny\u2019<\/em><\/strong><\/p>\n
There is also a \u201ccomplete disconnect\u201d between the SEC\u2019s \u201coverbroad and abusive approach\u201d and the limited expedited discovery to which the regulator agreed in the consent order, the lawyers said.<\/p>\n
BAM\u2019s response came shortly after the SEC and Binance agreed on a protective motion, which requires parties to file confidential information under seal. The plaintiff and the defendants submitted the joint motion on Sept. 11, pledging to file confidential and non-public information as protected materials, restricting access to parties like the judge, attorneys, plaintiffs and defendants.<\/p>\n
Magazine: <\/em><\/strong>Hodler\u2019s Digest, Sept. 3-9: Binance\u2019s exec exodus, Nasdaq to trade AI orders and SBF loses bail appeal<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Binance.US has responded to the motion to compel and reply by the United States Securities and Exchange Commission (SEC), calling most of the SEC\u2019s requests \u201cunreasonable\u201d and \u201cunduly burdensome.\u201d Attorneys of BAM Trading Services, which operates Binance.US cryptocurrency exchange, on Sept. 12 filed sealed documents for opposition to the U.S. SEC seeking additional details from […]<\/p>\n","protected":false},"author":1,"featured_media":22261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-22260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\n
Binance.US calls SEC\u2019s court requests 'unreasonable' in new filing | NFT & Crypto News<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\t\n\t\n\t\n