Crypto News, BAM Trading, representing Binance.US, recently filed a motion for a protective order in response to the U.S. Securities and Exchange Commission’s (SEC) deposition notices and discovery requests.
Binance Seeks Protective Order Against SEC’s ‘Fishing Expedition’
Binance contends it has furnished the SEC with ample information. The exchange accuses the SEC of pursuing an unwarranted ‘fishing expedition’, straying from the focused discovery authorized by the Consent Order.
Binance has proposed four witnesses for deposition, claiming these individuals are best suited to address questions about customer asset security and custody.
Protective Order Request
BAM has requested the court to restrict the SEC to:Four depositions of its employees.Limit questioning to matters within the Consent Order’s scope.
A look into the past
Exempt Binance’s CEO and CFO from depositions.Binance faced legal challenges from the SEC in June. The regulator alleged Binance and its founder, Changpeng Zhao, of misleading customers and diverting funds. Binance, however, asserted the separation of its customers’ fiat currency from corporate funds and denied any misuse of these assets.
%s Comment