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<a href="https://bitcoinworld.co.in/a-protection-order-is-sought-by-binance-against-the-secs-fishing-expedition/" title="A Protection Order Is Sought By Binance Against The SEC’s “Fishing Expedition”" rel="noopener noreferrer nofollow"></a> 
The exchange argues that the&nbsp;<a href="https://www.coinbackyard.com/cryptocurrency/what-is-sec/" rel="noopener noreferrer nofollow">SEC</a>‘s requests for depositions and discovery are not covered by the regulators complaint it filed against Binance. 
Regarding the United States Securities and Exchange Commission, Binance has requested a court for a protective order, claiming that the regulator is going on a “fishing expedition” with its discovery demands. 
In a court filing dated August 14, Binance claimed that despite its best efforts to comply with a June court order, the SEC had issued excessively broad and unreasonable discovery demands that sought “every single document in [Binance’s] possession related to customer assets.” 
“BAM has worked in good faith, but the SEC has been steadfast in its belief that the Consent Order gives it carte blanche to investigate every aspect of BAM’s asset custody practices without any discernible limitations whatsoever,” the company said. 
The June order made it possible to determine how Binance handled the security, availability, and custody of consumer assets. 
The SEC’s lawsuit didn’t raise any issues with Binance’s asset custody procedures, the company claims, and it also notes that it provided information regarding client assets and that the SEC hasn’t provided any evidence that customer assets have been exploited. 
The SEC also demanded that it submit all correspondence from November 2022 forward for “dozens of topics, many of which have nothing to do with customer assets,” it was stated. 
It also objected to the SEC’s demand that the exchange make six of its employees and officers, including CEO Changpeng “CZ” Zhao, available for depositions. 
Senior exchange executives, according to the exchange, “do not have unique firsthand knowledge about the facts surrounding the security, custody, and transfer of customer assets.” 
Binance added that it provided the SEC with the depositions of senior staff members who had direct control over customer cash, but the SEC ostensibly declined. 
The protective order that Binance is requesting would prevent the SEC from deposing more than four exchange employees, not including Zhao or the company’s CFO. Additionally, it would block demands for communications about subjects other than client assets and the SEC’s ability to question witnesses about subjects not covered by the order. 
Suing both Binance and Binance.US was the SEC. The sec accused them of running an unlicensed securities exchange and selling unregistered securities in a June complaint. Zhao was referred to in the complaint as a “controlling person” as well. 
The Commodity Futures Trading Commission has also filed a lawsuit against&nbsp;<a href="https://www.coinbackyard.com/cryptocurrency/binance-bnb-and-cardano-ada-unable-to-attract-investors-while-tradecurve-price-surges-80/" rel="noopener noreferrer nofollow">Binance</a>, which the exchange is attempting to have dismissed. 
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The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/a-protection-order-is-sought-by-binance-against-the-secs-fishing-expedition/">A Protection Order Is Sought By Binance Against The SEC’s “Fishing Expedition”</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

A Protection Order Is Sought By Binance Against The SEC’s “Fishing Expedition”

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