<div class="coinjournal"> 
 <ul> 
  <li>A US District Judge has rejected SEC’s request for an inspection of Binance US documents.</li> 
  <li>Binance US stood firm on its stance calling the regulatory watchdog’s request “overboard”.</li> 
  <li>SEC’s request sought access to documentation and communication with the exchange’s custodial service providers.</li> 
 </ul> 
 <p><a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> US, the American branch of the world’s largest cryptocurrency exchange, <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>, achieved a significant victory today amidst ongoing scrutiny. The exchange has been under intense scrutiny ever since the US Securities and Exchange Commission (SEC) initiated a lawsuit against it. This situation led to a decline in trading volume and the departure of key executives from the company.</p> 
 <p>The SEC’s request for an investigation into the exchange, was denied earlier today by the court.</p> 
 <h2 id="what-is-the-sec-investigating-binance-us-for">What is the SEC investigating Binance US for?</h2> 
 <p>The SEC’s argument hinged on the assertion that Ceffu, a custody platform, was, in reality, an entity associated with <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>. Furthermore, the SEC alleged that this entity was employed to transfer funds of US customers out of the country, thereby violating a prior agreement between <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> US and the SEC. The commission specifically sought access to the exchange’s records and communications with its wallet custody service providers. According to a tweet from Adam Cochran, the SEC’s filing stated:</p> 
 <p><em>“However, even with this limited discovery, it has become apparent that Binance U.S. (referred to as “BAM”) has not provided a credible explanation for its crypto asset wallet custody arrangements. Furthermore, Binance Holdings Limited (“BHL” or “Binance”) and its alleged relationship with a Binance-affiliated entity named ‘Ceffu’ regarding the custody of Customer Assets have continued to be a source of conflicting information provided to the SEC.”</em></p> 
 <p>In response to these developments, the cryptocurrency exchange argued that the SEC’s <a rel="dofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a> was overly intrusive and burdensome.</p> 
 <p>Ultimately, US District Judge Zia Faruqui rejected the SEC’s <a rel="dofollow" title="request" href="https://thebittimes.com/tag/request.html">request</a> for an inspection. However, the <a rel="dofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> required <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> US to furnish additional documentation and expressed doubts about the exchange’s ability to maintain control over its assets.</p> 
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/us-court-denies-sec-request-to-look-into-binance-us-tbt63172.html">https://thebittimes.com/us-court-denies-sec-request-to-look-into-binance-us-tbt63172.html</a></p>

US court denies SEC request to look into Binance US

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