Binance.US files protective motion to limit SEC data requests

Binance’s U.S. subsidiaries filed in the U.S. District Court for the District of Columbia a motion to limit the SEC requests to the bitcoin exchange. Reuters reports.

The applicants said that the regulator’s information requests were “overbroad” and “unduly burdensome”.

BAM Trading, Binance’s operating company in the United States, and BAM Management in the lawsuit said the group had already provided the agency with the necessary data.

The motion seeks to limit the SEC to four BAM employee testimonies and to quash the CEO’s testimony and CFO BAM.

The SEC has yet to uncover any evidence that client assets were used for improper purposes, the statement said.

On June 5, the agency filed a lawsuit against Binance and its CEO Changpeng Zhao. The Commission brought 13 charges, including selling unregistered securities. On June 6, the regulator filed a motion to freeze the US subsidiary’s digital assets.

On June 9, Binance.US users lost the ability to deposit dollars, prompting selling by those looking to withdraw their funds in fiat. In light of this, on the platform saw a discount in the Bitcoin quotes against the US dollar—the gauge reached about $2,200 (7.3%).

On June 17, the SEC and Binance reached an agreement on customer funds in the United States. The exchange restarted withdrawals of assets, though the firm warned that the situation could change.

As reported, on July 25 the platform and Zhao filed a motion to dismiss the CFTC’s complaint filed in the federal court in Chicago.

On March 27, the regulator charged the trading platform with violations of derivatives trading rules and operating without a licence. The agency also asserts that the company knew that its clients included sanctioned individuals.