TechFlow news, Binance.US responded to the U.S. Securities and Exchange Commission (SEC), stating that the SEC's demands for testimony from Binance.US executives and further investigations are overly burdensome and unfounded, as no evidence has yet been presented showing customer funds were misappropriated.
Despite Binance.US having provided all discovery documents, the SEC still lacks evidence to support its baseless allegations implying investors' assets have somehow been moved. Binance.US stated that all evidence supports its position that it maintains control over digital assets.
In June, the SEC claimed that Binance CEO Zhao Changpeng (CZ) and Guangying 'Helina' Chen transferred billions of dollars in customer funds through intermediary companies, citing testimony from an SEC accountant. At the time, both Binance and CZ publicly denied all allegations.
Binance.US also challenged the scope of the SEC’s requests, including documents related to Binance.US’s custody software and wallet solutions. They argued that the SEC has not clearly explained why testimony from Binance.US’s CEO and CFO is necessary.
