{"id":158339,"date":"2023-09-19T06:16:39","date_gmt":"2023-09-19T00:46:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=158339"},"modified":"2023-09-19T06:16:39","modified_gmt":"2023-09-19T00:46:39","slug":"sec-sees-temporary-setback-in-request-to-access-binance-us-software-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-sees-temporary-setback-in-request-to-access-binance-us-software-crypto-news\/","title":{"rendered":"SEC sees temporary setback in request to access Binance.US software – Crypto News"},"content":{"rendered":"
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The United States Securities and Exchange Commission (SEC) has failed to win immediate access to Binance.US’s software in a Sept. 18 hearing, with the judge saying he isn’t \u201cinclined to allow the inspection at this time.\u201d<\/p>\n

The hearing was held to discuss SEC\u2019s motion to compel Binance to hand over detailed information and make its executives more available for depositions, which has been a point of contention between the two over the past week.\u00a0<\/p>\n

In a hearing, Judge Faruqui said that he wasn\u2019t \u201cinclined to allow the inspection at this time.\u201d Alternatively, he proposed that the SEC should come up with more specific requests for discovery and speak with a broader range of witnesses,\u00a0according<\/a> to a Sept. 18 Bloomberg report.<\/p>\n

The SEC has repeatedly claimed that it has been struggling to get information from Binance.US since it sued the American arm of the crypto exchange, along with its international affiliate Binance Holdings Ltd and CEO Changpeng “CZ” Zhao\u00a0on June 5 for its alleged involvement in the\u00a0sale of unregistered securities<\/a>.<\/p>\n

On Sept. 15, the SEC\u00a0accused Binance.US of noncooperation<\/a> in the investigation, with the regulator highlighting that Binance.US’s holding company BAM Trading had produced only 220 documents during the discovery process. <\/p>\n

A large portion of these documents \u201cconsist of unintelligible screenshots and documents without dates or signatures,\u201d the SEC said. The regulator added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses it had deemed appropriate.\u00a0<\/p>\n

However, Binance has previously\u00a0characterized the SEC’s repeated requests for discovery as \u201cunduly burdensome<\/a>,” while the SEC claimed that Binance is being uncooperative<\/a> despite agreeing to a consent order on discovery in the SEC\u2019s case against it for unregistered securities operations and other allegations.<\/p>\n

Related:\u00a0SEC claims Ceffu wallet provider is \u2018Binance-related\u2019 in motion against BAM<\/a><\/em><\/strong><\/p>\n

Judge Faruqui’s decision to deny the SEC immediate access to Binance.US’s software and other documentation is a partial setback for the regulator in its ongoing case against the exchange.\u00a0<\/p>\n

The custody of Binance.US customer assets is one of the central concerns that the SEC has with the crypto exchange \u2014 with the regulator claiming that Binance.US must be investigated more thoroughly to tease out potential links to the global arm of the exchange.\u00a0<\/p>\n

Magazine: How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The United States Securities and Exchange Commission (SEC) has failed to win immediate access to Binance.US’s software in a Sept. 18 hearing, with the judge saying he isn’t \u201cinclined to allow the inspection at this time.\u201d The hearing was held to discuss SEC\u2019s motion to compel Binance to hand over detailed information and make its […]<\/p>\n","protected":false},"author":2,"featured_media":158340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-158339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=158339"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158339\/revisions"}],"predecessor-version":[{"id":158342,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158339\/revisions\/158342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/158340"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=158339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=158339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=158339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}