Order

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-vs-sec-ongoing-legal-disputes-and-evidence-production/" data-wpel-link="internal">Binance vs. SEC: Ongoing Legal Disputes and Evidence Production</a> 
This week, we shared the details of the hearing between <a href="https://en.coin-turk.com/binance-to-remove-25-busd-trading-pairs-latest-update/" data-wpel-link="internal">Binance</a> and the SEC, which were not as promising as Coinbase’s situation. In fact, the problem lies in the differences between the cases involving Coinbase and Binance. While the Coinbase case involves only allegations of brokering unregistered securities, Binance is facing much more complex accusations. 
<h2 style="text-align: justify" id="binance-and-the-sec">Binance and the SEC</h2> 
Binance and the U.S. SEC are now causing disputes over the production of evidence. The regulatory body had previously expressed its dissatisfaction with Binance’s exchange for failing to produce the requested evidence. However, what we remember from the settlement process between the CFTC, the Justice Department, and Binance at the end of November was that these evidences were produced according to the required standards. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-307937 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/SEC-vs-Binance.png" alt="" width="1000" height="461"> 
In fact, U.S. officials had mentioned how solution-oriented Binance exchange was in preparing the documents requested from them and had offered their thanks in this regard. 
<h2 style="text-align: justify" id="the-debates-continue">The Debates Continue</h2> 
The SEC’s court case involved comprehensive evidence requests from Binance, and we saw some discussions, especially regarding the custody and liquidity of assets. The regulatory body claims that Binance US mixed customer assets with its own, similar to FTX. The problem is that they cannot prove it. If we recall the Binance settlement, we will see that the exchange’s “non-mixing of customer assets with its own” was clearly stated. 
Lawyers for BAM Trading (subsidiary) claim they have fully complied with the document production requirements set forth in the Consent Order and the expedited recovery request, asking the court to confirm this. 
<blockquote> 
 “At this point, BAM believes it has fulfilled its obligations under the Consent Order to a greater extent than reasonable measures and, considering the damage and burden the SEC’s TRO and expedited discovery approach have brought to BAM over the past seven months, BAM requests that the expedited discovery be considered complete for BAM.” 
</blockquote> 
A Consent Order is an order that determines the nature of the matters to be investigated. The second major issue of debate in the case is the questioning of witnesses. 
<blockquote> 
 “BAM does not believe that the SEC has the right to take additional testimony from current or former BAM personnel because, among other reasons, the SEC has already taken statements from a dozen witnesses during the expedited discovery.” 
</blockquote> 
Binance‘s settlement with the SEC, although confusing for leaving the SEC out, is promising for the SEC case as U.S. officials have not been able to find concrete evidence in their allegations of mixing customer assets and defrauding customers. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-vs-sec-ongoing-legal-disputes-and-evidence-production/" data-wpel-link="internal">Binance vs. SEC: Ongoing Legal Disputes and Evidence Production</a></h5>

Binance vs. SEC: Ongoing Legal Disputes and Evidence Production

Table of Contents

COINTURK NEWS

Other articles published on Jan 26, 2024

Leading Inflation Data Followed by FED Has Been Announced! Here's the Reaction of Bitcoin and the...

Analyst projects Ethereum potentially to $2k amid market consolidation

What is Auto Coin?

SatoshiVM Price Prediction: SAVM Plummets 62% As This GameFi Upstart Closes On $7.5 Million In Pr...

Polkadot Price Prediction: How High can DOT Go?

BlackRock’s iShares Bitcoin ETF (IBIT) surpasses $2 billion AUM in just ten days

Join our free newsletter for daily crypto updates!