Binance.US calls SEC’s court requests ‘unreasonable’ in new filing
Binance.US, the cryptocurrency exchange operated by BAM Trading Services, has responded to the United States Securities and Exchange Commission’s (SEC) motion to compel, calling the requests “unreasonable” and “unduly burdensome.” The attorneys for BAM argued that the SEC’s requests for additional details from Binance.US were overly broad and beyond the scope of the consent order. They also claimed that the SEC had “no evidence” to support its allegations and that the requested depositions of BAM’s CEO and CFO were unreasonable. BAM’s response comes after the SEC and Binance agreed to file confidential information under seal.
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Binance.US Calls SEC’s Court Requests ‘Unreasonable’
Binance.US Responds to SEC Allegations
In a recent court filing, Binance.US, the United States affiliate of the global cryptocurrency exchange Binance, has called the U.S. Securities and Exchange Commission’s (SEC) requests “unreasonable.” The filing is part of an ongoing legal battle between the SEC and Binance.US, which was accused by the SEC of operating unregistered securities offerings.
Binance.US argues that the SEC’s demands for documents and testimony from Binance Holdings Ltd., Binance.US CEO Brian Brooks, and key employees are excessive and unnecessary. They claim that the SEC’s expansive requests are intended to harass and burden the cryptocurrency exchange, rather than serve any legitimate regulatory purpose.
Binance.US Defends Its Compliance Efforts
Binance.US maintains that it has made substantial efforts to comply with U.S. regulations and operates with transparency. The company asserts that it has implemented rigorous anti-money laundering and Know Your Customer procedures to ensure the integrity of its platform.
The cryptocurrency exchange further argues that the SEC’s allegations of unregistered securities offerings are unfounded, as Binance.US does not offer securities or investment contracts. Instead, it provides a platform for users to trade cryptocurrencies, which the company believes falls outside the scope of the SEC’s regulatory authority.
The legal battle between Binance.US and the SEC continues to unfold, with Binance.US pushing back against what it deems to be unreasonable requests from the regulatory body. As the cryptocurrency industry faces increased scrutiny, this case will likely have significant implications for the future of cryptocurrency regulation in the United States.
1. What is Binance.US?
Binance.US is the United States affiliate of the global cryptocurrency exchange Binance. It provides a platform for users to trade cryptocurrencies in compliance with U.S. regulations.
2. What are the SEC’s allegations against Binance.US?
The SEC has accused Binance.US of operating unregistered securities offerings, which the cryptocurrency exchange vehemently denies.
3. Why does Binance.US consider the SEC’s requests unreasonable?
Binance.US believes that the SEC’s extensive demands for documents and testimony are excessive and intended to burden the company rather than serve any legitimate purpose.