Crypto-giant Binance filed for a protective court order against the U.S. Securities and Exchange Commission (SEC) citing its "over broad" and "unduly burdensome" requests to the company.
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Binance Vs. SEC
Last June, SEC sued Binance after suspecting that the company has been operating as unregistered securities exchanges and facilitating trading of cryptocurrencies. Binance tried to counter by offering several arguments.
For instance, some lawyers argued that if the crypto owner does not get profit based on other's labor, then it should not be counted as securities. Moreover, Forbes cited that the existing laws in the U.S. does not handle digital assets properly and SEC has been using its own interpretation to investigate the industry.
As response, BAM Trading, Binance U.S.'s operating company, and BAM Management filed a court order in the US District Court of Columbia. The company cited that they have already given significant amount information to the regulators.
Binance's Protective Order Against SEC
Under the protective order, the SEC will be limited to four depositions from BAM employees and to drop the deposition of BAM's CEO and CFO, without namedropping.
Since June, the SEC has filed over 12 charges against Binance and its CEO Changpeng Zhao. The crypto-giant is under allegations of misleading investors, conducting illegal changes, and scheming to evade federal securities laws.
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