HomeNewsBinance and Ripple Unite to Safeguard Industry Stakeholders with Order Against SEC

Binance and Ripple Unite to Safeguard Industry Stakeholders with Order Against SEC

- Advertisement -
  • Binance has filed for a protective court order against the U.S. Securities and Exchange Commission (SEC) regarding the latter’s information requests.
  • The crypto exchange states that the SEC’s demands are “over broad” and “unduly burdensome.”

Binance Responds to SEC’s Data Demands

Binance, a leading cryptocurrency exchange, has escalated its ongoing tussle with the U.S. Securities and Exchange Commission (SEC). Late on Monday, the exchange formally submitted a request for a protective court order in the US District Court of Columbia. The crux of the issue lies in what Binance describes as “over broad” and “unduly burdensome” information demands from the regulator.

The filing outlines that BAM Trading and BAM Management, which operate under the banner of Binance U.S., believe they have already furnished the SEC with ample information. Binance’s protective order looks to curtail the SEC’s scope, particularly its requests for a considerable number of depositions. Specifically, the crypto giant seeks to restrict the SEC to only four depositions from BAM personnel and explicitly requests that the regulator exclude both the CEO and CFO of BAM from these proceedings. Interestingly, the document stops short of naming these key executive figures.

- Advertisement -

Earlier in June, the regulatory landscape grew heated when U.S. authorities levied a lawsuit against Binance and its CEO, Changpeng Zhao. The core allegations encompassed a wide spectrum of charges – 13 in total. Among the more serious claims, the company was accused of grossly inflating its trading figures, misdirecting client funds, failing to block U.S. clientele from its primary platform, and providing misleading statements regarding its market oversight mechanisms.

>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XRP now. Visit Website <<

However, Binance, in its recent filing, has pushed back against these charges, especially highlighting the absence of any tangible proof to suggest customer assets were mishandled or squandered.

- Advertisement -

Despite the exchange’s efforts to limit the extent of the SEC’s demands, the regulator appears unwavering. The filing underscores that the SEC has largely dismissed BAM’s attempts to narrow down its data requests and remains firmly against Binance’s move for a protective order. As of now, both Binance and the SEC have refrained from commenting further on the matter.

Best Crypto Exchange for Everyone:

  • Invest in Ripple (XRP) and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
- Advertisment -spot_img