Binance.US calls SEC's court requests 'unreasonable' in new filing.
Binance.US calls SEC’s court requests ‘unreasonable’ in new filing

Binance.US Responds to SEC Motion to Compel

In response to a motion to compel and reply by the United States Securities and Exchange Commission, BAM Trading Services, which operates the Binance.US cryptocurrency exchange, has argued that most of the SEC’s requests are “unreasonable” and “unduly burdensome.”

On Sept. 12, attorneys for BAM filed sealed documents opposing the SEC’s demand for additional details from Binance.US, claiming that the requests for production and interrogatories are “overly broad, unduly burdensome” and “beyond the scope of the consent order.” Furthermore, BAM attorneys argued that the SEC’s requests for depositions of BAM CEO Brian Shroder and chief financial officer Jasmine Lee are “unreasonable,” as the SEC “does not identify any evidence” that they are involved in the day-to-day management of customer assets at Binance.US.

SEC and Binance Agree on Protective Motion

According to BAM’s lawyers, the CEO and CFO of the company have no special knowledge regarding the limited topics specified in the expedited discovery provision in the consent order. The lawyers added that BAM has proposed many other witnesses, including its CIO Erik Kellogg, who can provide more insights about its operations. The attorneys also argued that the SEC has no evidence to back up its unsubstantiated claims that customer assets have been diverted.

The attorneys further indicated that there is a great discrepancy between the SEC’s “overbroad and abusive approach” and the limited expedited discovery to which it agreed in the consent order. In response, the SEC and Binance recently filed a joint motion, in which they agreed to file confidential and non-public information as protected materials.

This protective motion requires that only the judge, attorneys, plaintiffs, and defendants have access to the confidential information. This is in line with the Web 3.0 concept of decentralizing data, as opposed to the Web 2.0 and Web 1.0 models.

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Tim Berners Lee’s vision of Web 3.0, the difference between Web 1.0, Web 2.0, and Web 3.0, and the Metaverse and Web 3.0 are all topics of discussion when it comes to cryptocurrency and Web 3.0.

We can also debate the differences between Web 2.0 and Web 3.0, or the distinctions between Web 1.0, Web 2.0, Web 3.0, and Web 4.0. Even the question of whether AI can write articles is a hot topic.

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