The United States Securities and Exchange Commission (SEC) has failed to win immediate access to Binance.US’s software in a Sept. 18 hearing, with the judge saying he isn’t “inclined to allow the inspection at this time.” The SEC has been attempting to gain access to the software and detailed information from Binance.US since it sued the American arm of the crypto exchange, along with its international affiliate Binance Holdings Ltd and CEO Changpeng “CZ” Zhao on June 5 for its alleged involvement in the sale of unregistered securities.In a hearing, Judge Faruqui said that he wasn’t “inclined to allow the inspection at this time.” He proposed that the SEC should come up with more specific requests for discovery and speak with a broader range of witnesses. The SEC has accused Binance.US of noncooperation in the investigation, with the regulator highlighting that Binance.US’s holding company BAM Trading had produced only 220 documents during the discovery process.Binance has previously characterized the SEC’s repeated requests for discovery as “unduly burdensome,” while the SEC claimed that Binance is being uncooperative despite agreeing to a consent order on discovery in the SEC’s case against it for unregistered securities operations and other allegations. Judge Faruqui’s decision to deny the SEC immediate access to Binance.US’s software and other documentation is a partial setback for the regulator in its ongoing case against the exchange. The custody of Binance.US customer assets is one of the central concerns that the SEC has with the crypto exchange — with the regulator claiming that Binance.US must be investigated more thoroughly to tease out potential links to the global arm of the exchange. The SEC has been attempting to gain access to Binance.US’s software and detailed information since it sued the American arm of the crypto exchange in June. In a hearing, Judge Faruqui denied the SEC immediate access to the software and other documentation, instead proposing that the SEC should come up with more specific requests for discovery and speak with a broader range of witnesses. The SEC has accused Binance.US of noncooperation in the investigation, while Binance has characterized the SEC’s requests for discovery as “unduly burdensome.” The custody of Binance.US customer assets is one of the central concerns that the SEC has with the crypto exchange. Judge Faruqui’s decision is a partial setback for the regulator in its ongoing case against the exchange.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇨🇳 |
| Sentiment | negative |
| Relevance Score | 9 |
| People | Judge Faruqui, Binance.US., SEC, Changpeng “CZ” Zhao, BAM Trading |
| Companies | United States Securities and Exchange Commission, Ceffu wallet provider, Binance Holdings Ltd, Binance.US, BAM Trading |
| Currencies | Bitcoin, Ethereum, US Dollar, Tether, COIN |
| Securities | None |
