{"id":22908,"date":"2023-08-15T08:45:28","date_gmt":"2023-08-15T08:45:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-seeks-courts-protection-against-us-secs-probe\/"},"modified":"2023-08-15T08:45:28","modified_gmt":"2023-08-15T08:45:28","slug":"binance-seeks-courts-protection-against-us-secs-probe","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-seeks-courts-protection-against-us-secs-probe\/","title":{"rendered":"Binance seeks court&#8217;s protection against US SEC&#8217;s probe"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1692086031641-96ed4991-503b-4721-a9cf-c8c5e2dce6c0-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1692086031641-96ed4991-503b-4721-a9cf-c8c5e2dce6c0-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1692086031641-96ed4991-503b-4721-a9cf-c8c5e2dce6c0-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1692086031641-96ed4991-503b-4721-a9cf-c8c5e2dce6c0-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The US SEC charged Binance for offering unregistered securities in the United States.<\/li>\n<li>The SEC then went ahead to seek for the freezing of Binance.US assets although the two later reached an agreement.<\/li>\n<li>Binance.US is now complaining that the SEC is overstepping its mandate according to the agreement.<\/li>\n<\/ul>\n<p>Binance.US, the US subsidiary of <a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\">Binance<\/a>, has filed to limit the extent of investigations by the Securities and Exchange Commission (SEC) in its case against the cryptocurrency exchange.<\/p>\n<p>The <a href=\"https:\/\/coinjournal.net\/news\/the-sec-is-seeking-court-order-to-freeze-binance-uss-assets\/\">SEC attempted to freeze all of Binance.US\u2019s assets<\/a> in June after expressing worries about the security of clients\u2019 digital assets owned by the company. However, the US arm of Binance, doing business as BAM Trading Services and BAM Management US Holdings, entered into an agreement with the SEC as a result.<\/p>\n<p>The agreement, which some commentators referred to as \u201cburdensome\u201d gave the SEC permission to conduct \u201climited expedited discovery\u201d about the custody and accessibility of client funds.<\/p>\n<h2>SEC\u2019s investigations into Binance.US<\/h2>\n<p>Binance in a late <a href=\"https:\/\/www.courtlistener.com\/docket\/67474542\/95\/securities-and-exchange-commission-v-binance-holdings-limited\/\">Monday filing<\/a> claimed that the SEC\u2019s discovery demands have exceeded the parameters set forth in the consent agreement and constitute an improper \u201cfishing expedition.\u201d<\/p>\n<p>In particular, Binance.US asserts that the SEC is requesting lengthy correspondence and deposition evidence from firm executives on \u201cdozens of topics\u201d irrelevant to client assets, including its CEO and CFO, who the filing argues have no understanding of the custody concerns at the heart of the matter.<\/p>\n<p>Binance\u2019s request states that the company \u201cworked in good faith to respond to the SEC\u2019s requests\u201d by supplying hundreds of documents, providing depositions from staff members knowledgeable about asset security, and taking actions to guarantee assets are in US custody.<\/p>\n<p>The crypto exchange, in its protective request to the court, argues that despite years of investigation by the SEC and all the provided information, \u201cthe SEC still has not identified the slightest evidence that customer assets have been misused or mishandled in any way.\u201d It also opposes deposing top executives like the CEO and CFO stating that that would be unproductive, unduly burdensome, and disruptive to operations.<\/p>\n<p>The crypto exchange suggests that the SEC should first investigate employees responsible for asset custody since they are the ones with \u201cfar deeper knowledge\u201d about digital asset custody.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/binance-seeks-courts-protection-against-us-secs-probe\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The US SEC charged Binance for offering unregistered securities in the United States. The SEC then went ahead to seek for the freezing of Binance.US assets although the two later reached an agreement. Binance.US is now complaining that the SEC is overstepping its [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":22909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22908"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22908"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22909"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}