Binance.US Labels SEC's Requests "Unreasonable" and "Unduly Burdensome" in Response to Motion
Summary:
Binance.US responds to the SEC’s motion, calling the requests unreasonable and burdensome. Attorneys argue that the demands are overly broad and go beyond the consent order. They contest the allegations and question the involvement of their CEO and CFO. The response follows an agreement to file confidential information under seal.
Binance.US, the operator of the Binance.US cryptocurrency exchange, has submitted its response to the United States Securities and Exchange Commission (SEC), criticizing the SEC's requests as unreasonable and burdensome. In sealed documents filed on September 12, Binance.US's attorneys argued that the SEC's demands for additional details were overly broad and beyond the scope of the consent order. They also disputed the SEC's motion, stating that there is no evidence implicating the CEO and CFO in the day-to-day management of customer assets. The attorneys emphasized that the burden imposed by the depositions outweighs their potential benefit, and that the SEC's allegations are misleading. This response follows the agreement between the SEC and Binance to file confidential information under seal, limiting access to specific parties.
Published At
9/12/2023 8:25:40 AM
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