U.S. Binance Seeks Protective Order vs SEC

Crypto exchange Binance late on Monday filed for a protective court order against the US Securities and Exchange Commission (SEC), saying the regulator's requests for information were "over broad" and "unduly burdensome," Reuters reported.

Photo Insert: In June, US regulators sued Binance and CEO Changpeng Zhao for allegedly operating a "web of deception."

In a court filing in the US District Court of Columbia, BAM Trading, Binance US's operating company, and BAM Management said the group had already provided sufficient information to the regulator.

The protective order seeks to limit the SEC, among other things, to four depositions from BAM employees, and to drop the deposition of BAM's chief executive and of its chief financial officer, without naming anyone.

In June, US regulators sued Binance and CEO Changpeng Zhao for allegedly operating a "web of deception," listing 13 charges including claims that the company artificially inflated its trading volumes, diverted customer funds, failed to restrict US customers from its platform, and misled investors about its market surveillance controls.

The filing said, "The SEC has still yet to identify any evidence suggesting that customer assets were misused or dissipated in any way."

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic