Binance applies for protective order against US regulator

Binance applies for protective order against US regulator

Binance.US argues SEC conducting 'fishing expedition,' position is 'unreasonable'

By Ovunc Kutlu

ISTANBUL (AA) - Cryptocurrency trading platform Binance's American subsidiary applied for q protective order against the US Securities and Exchange Commission (SEC), according to court filings.

Binance.US argued Monday that the SEC, which filed 13 charges against Binance and its CEO in June, is conducting "a fishing expedition" and claimed its "position is unreasonable."

"Instead of seeking 'limited' discovery, the SEC has spent the past 45 days serving incredibly overbroad and unreasonable discovery requests that seek, on their face, every single document in BAM’s possession related to customer assets," said the filing in US District Court for the District of Columbia.

"BAM has worked in good faith, but the SEC has been steadfast in its belief that the Consent Order gives it carte blanche to investigate every aspect of BAM’s asset custody practices without any discernible limitation whatsoever," it added.

Binance.US, which is a crypto trading platform, is doing business in the country as BAM Trading and BAM Management.

After the SEC's charges in June and its asset freeze order, Binance.US suspended dollar deposits, while its blockchain-based native token BNB saw its price plummet to its lowest level in five months.

The SEC's charges include operating unregistered exchanges, broker-dealers and clearing agencies, misrepresenting trading controls and oversight on the Binance.US platform and the unregistered offer and sale of securities.

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