Binance.US Hits Back at SEC in Court Filing

Attorneys for Binance.US brand SEC's requests as "unreasonable"

Binance.US, the cryptocurrency exchange, has responded to the United States Securities and Exchange Commission (SEC) with a court filing, calling the regulator's requests "unreasonable" and "unduly burdensome." In the filing, attorneys for BAM Trading Services, which operates Binance.US, argue that the SEC's demands for additional details are overly broad and beyond the scope of the consent order.

SEC's request for CEO and CFO depositions deemed "unreasonable"

The attorneys claim that the SEC's request to depose BAM's CEO Brian Shroder and CFO Jasmine Lee is "unreasonable." They argue that Shroder and Lee have no unique knowledge of the day-to-day management details regarding customer assets at Binance.US. The attorneys highlight that BAM has provided other witnesses with greater insights into the company's operations, such as BAM's chief information security officer Erik Kellogg.

SEC's allegations dismissed as "misleading and mistaken"

According to the attorneys, the SEC has "no evidence" to support its allegations that customer assets have been diverted. They describe the regulator's claims as misleading and mistaken. The attorneys argue that there is a "complete disconnect" between the SEC's approach and the limited expedited discovery agreed upon in the consent order.

Protective motion filed to keep information confidential

BAM's response follows a joint motion filed by the SEC and Binance, agreeing to file confidential information under seal. The motion, submitted on September 11, aims to restrict access to confidential and non-public materials to parties like the judge, attorneys, plaintiffs, and defendants.