1 year ago
Binance.US (BAM) successful a redacted effect to the Securities and Exchange Commission (SEC), has called the commission’s question for depositions by the exchange’s executives and further find “unduly burdensome” and “freewheeling” arsenic it has yet to beryllium presented with grounds that lawsuit funds were wrongfully diverted.
“Even aft each of the find already produced by BAM during the expedited find period, the SEC inactive has nary grounds to enactment its unsubstantiated allegations that connote capitalist assets person been someway diverted," the speech wrote. "All the grounds successful this matter—including documents, declarations, and sworn deposition testimony—supports BAM’s presumption that it has custody and power of its integer assets."
In June, the SEC alleged that Binance CEO Changpeng 'CZ' Zhao and Guangying 'Helina' Chen funneled billions of lawsuit funds done intermediary companies, citing grounds grounds from an SEC accountant.
At the time, Binance and CZ publically denied each claims. In the filing, BAM writes that CZ has confirmed that it does not person custody oregon power implicit the backstage keys for lawsuit assets connected the exchange.
The SEC sought an plus frost connected Binance.US, though the petition was declined by a U.S. judge, which ordered the 2 to statesman negotiations connected continued operations.
In the filing, BAM questioned the grade of requests by the SEC, including documents related to the exchange’s custody bundle and wallet solutions.
“The SEC has inactive not articulated wherefore depositions of BAM’s CEO and CFO autumn wrong the scope of the Consent Order,” the speech wrote. “The load imposed by these depositions acold outweighs their imaginable benefit, and the find sought is disproportionate to the needs contemplated by the Consent Order."
Several sections of the filing were redacted, and BAM besides filed 8 exhibits nether seal.
Edited by Parikshit Mishra.
English (US) 