Binance Seeks Court Protection Against SEC

Binance Seeks Court Protection Against SEC

Binance.US, the US arm of Binance, yesterday sought court protection against the US Securities and Exchange Commission (SEC). The exchange claimed that the regulatory agency conducted a “phishing operation” against it, and the demands regarding the discovery process were also excessive.

The trial, known in court as “phishing”, usually involves one party making a broad attack on the other without any specific target. The researcher’s efforts to extract positive results from even the smallest details by persistently demanding information and documents from the other party are also included in this scope.

“Borders are crossed for no reason”

In a court filing on August 14, Binance stated that it had acted with the court in good faith on all counts, but that the SEC had requested almost every file related to customer assets, and did so without reason. I went.

The court order, which paved the way for the SEC to examine all these documents in detail, was delivered in June. With the decision, the discovery process of Binance’s custody, security, and compliance status of customer assets has been initiated, opening the way for the SEC to request documents.

“They failed to provide any evidence”

However, Binance claims that the SEC’s claims are now irrelevant to the lawsuit, and that the exchange’s custodial trading is not the subject of the SEC lawsuit:

“Despite this, Binance has provided several filings to the SEC regarding customer assets, but no evidence has been provided by the agency that the exchange misappropriated these assets. By November 2022, the SEC requires all communication records related to dozens of subjects. Most of them have nothing to do with client properties.

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