Binance requests court protective order against SEC's "fishing expedition" investigation
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Binance requests court protective order against SEC's "fishing expedition" investigation
Cryptocurrency exchange Binance has filed a motion for a protective order with the court regarding an investigation by the U.S. Securities and Exchange Commission (SEC). Binance stated it submitted the motion after receiving subpoenas and document requests from the SEC. The company said it has consistently cooperated in good faith, but the SEC is attempting to conduct an unfettered investigation into its asset custody operations. Binance noted that the SEC has demanded extensive communications unrelated to customer assets dating back to November 2022. It also objected to the SEC's requirement for testimony from six employees, including the CEO. Binance argued that the SEC is conducting a "fishing expedition" and requested a protective order from the court to limit the scope of the investigation, prevent resource waste, and avoid disruption to its business. This highlights the ongoing tension between the cryptocurrency industry and regulators.
Navigating Web3 tides with focused insightsTechFlow news — Binance has filed for a protective court order against the U.S. Securities and Exchange Commission's (SEC) investigation.
Binance stated it filed the motion for a protective order following subpoenas and document requests from the SEC. The exchange said it has consistently cooperated in good faith, but that the SEC is attempting an unfounded, broad-reaching inquiry into its asset custody operations.
Binance noted the SEC has demanded extensive communications since November 2022 that are unrelated to customer assets. Binance also objected to the SEC’s requirement for testimony from six employees, including the CEO.
The exchange argued the SEC is conducting a "fishing expedition" and requested a protective order from the court to limit the scope of the investigation, prevent resource waste, and avoid disruption to its business. This highlights the ongoing tension between the crypto industry and regulators.
