Binance Has Sought A Protective Order Against The Fishing Expedition Of The SEC

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Binance
Binance

Binance has gone on board and asked a court for a protective order against the United States Securities and Exchange Commission, wherein they have accused the regulators of undertaking a fishing expedition with multiple requests of discovery. In a court filing made on the 14th of August, the company argued that while it had worked in good faith with a court order made in June, the SEC had pushed forth overly unreasonable and broad discovery requests that looked for every single document in possession which were related to the customer assets.

The official document from the company stated that it had worked in good faith, but the SEC had been pretty steadfast in its ideology that the Consent Order gave it express permission to go through every aspect of the asset custody practices of the company without any discernible limitation. 

Binance Has Had A Major Tussle With The SEC

The June order for the SEC allowed it to go through custody, security, and availability of customer assets for Binance. However, the company has constantly mentioned that the requests were inappropriate as the asset custody practices weren’t really of any concern in the suit of the SEC, stating that it had handed over information about varied customer assets and the SEC hadn’t really given any form of evidence that the customer assets were being misused. 

Binance went on to add that the SEC had been demanding it produce all records of communication dated back to November 2022 for the many topics that had been brought up of which a lot of it had nothing to do with customer assets. The company further took issue with the request of the SEC and complained that the exchange made six of its employees available for any form of deposition.