1 year ago
Binance said the SEC’s requests are “unduly burdensome” soon aft the parties agreed connected a associated question to record confidential accusation nether seal.
Binance.US has responded to the question to compel and reply by the United States Securities and Exchange Commission (SEC), calling astir of the SEC’s requests “unreasonable” and “unduly burdensome.”
Attorneys of BAM Trading Services, which operates Binance.US cryptocurrency exchange, connected Sept. 12 filed sealed documents for absorption to the U.S. SEC seeking further details from Binance.US.
The defendants argued that the SEC’s requests for accumulation and interrogatories are “overly broad, unduly burdensome” and “beyond the scope of the consent order.” BAM attorneys claimed that the SEC’s request for certainty, arsenic good arsenic the requests for depositions of BAM’s CEO Brian Shroder and main fiscal serviceman Jasmine Lee were “unreasonable.”
BAM attorneys stated that the SEC’s question “does not place immoderate evidence” that Shroder and Lee are progressive successful the day-to-day absorption details concerning the custody and transportation of lawsuit assets astatine Binance.US.
“BAM’s CEO and CFO person nary unsocial cognition regarding facts applicable to the constricted topics identified successful the consent order’s expedited find provision,” the lawyers said. The attorneys besides said that BAM has offered galore different witnesses, which had much insights astir BAM’s operations, including BAM’s main accusation information serviceman Erik Kellogg. The lawyers noted:
“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.”The attorneys besides argued that the SEC inactive has “no grounds to enactment its unsubstantiated allegations” implying that lawsuit assets person been someway diverted. According to the defendants, the SEC’s allegations that signifier its cross-motion to compel are “misleading and mistaken.”
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There is besides a “complete disconnect” betwixt the SEC’s “overbroad and abusive approach” and the constricted expedited find to which the regulator agreed successful the consent order, the lawyers said.
BAM’s effect came soon aft the SEC and Binance agreed connected a protective motion, which requires parties to record confidential accusation nether seal. The plaintiff and the defendants submitted the associated question connected Sept. 11, pledging to record confidential and non-public accusation arsenic protected materials, restricting entree to parties similar the judge, attorneys, plaintiffs and defendants.
English (US) 