Binance
US Court Rejects the SEC’s Plea to Access Binance Documents
The request was made to access the communication and documentation of Binance with its custodial service providers.
On Monday’s ruling, SEC pleaded with the court to get approval to access Binance US documents. SEC (Security and Exchange Commission) demanded the court to allow US SEC to go through the sensitive data of Binance US.
The request was made to access the communication and documentation of Binance with its custodial service providers. The Judge at the US District Court heard the stances of the parties and rejected the SEC’s plea to do so. Binance, the largest crypto exchange has been in the news since the SEC has circled it and filed cases against it.
SEC Vs Binance U.S.
During the last few days, many trials and updates have been disclosed regarding the SEC’s lawsuit against Binance. Binance withstood its stance, facing a crucial time but struggling at its best against SEC’s allegations. Recently, the SEC raised the agenda that a custody platform named Ceffu is the entity of Binance.
Also Read: Nigeria’s SEC Warns Nigerians Against Trading on Binance
SEC requested the court for authorization to access the documents and communication of Binance with its custodial service providers. It was claimed that Binance is trying to transfer the funds of the customers abroad. Therefore, the SEC want to analyze the transactions and the documents. The Judge at the US Court rejected the appeal and forbade the SEC to have access to the sensitive information of the exchange.
Court’s Stance about the SEC’s Plead
Binance claimed that the request made by the SEC is overboard and inconvenient. Zia Faruqui, the Judge at US District Court heard the claims of Binance and SEC and rejected the SEC’s plead. He supported the stance it would be inconvenient for the exchange to let the SEC go through the exchange’s confidential data.
However, the Judge also instructed Binance to provide logical and relevant information which the SEC requires to proceed with the case. Moreover, the judge showed a lack of confidence in Binance’s control over the digital assets of the platform.
