In the ongoing legal battle between Binance.US and the SEC, a federal judge made an important decision. The judge denied the SEC’s request to access Binance.US’s technology systems during a hearing where Binance.US argued that the SEC’s request was too broad and intrusive.
Federal Magistrate Judge Zia Faruqui stated that he was not inclined to grant the inspection at this time. He suggested that the SEC should narrow down its request and conduct more focused interviews with witnesses. This decision highlights the court’s reluctance to give the SEC unrestricted access to Binance.US’s technology.
SEC’s Legal Battle with Binance.US Advances
In the SEC’s lawsuit against Binance.US, they had previously initiated expedited discovery to quickly obtain information. This action was taken because the SEC accused Binance.US of not cooperating with their ongoing investigation, as revealed in recently unsealed court documents.
The SEC’s complaint alleges that both Binance.com and Binance.US should have registered as exchange platforms, broker-dealers, and clearing agencies. The SEC claims that these entities operated an unlicensed securities exchange and earned substantial fees of $11.6 billion from U.S. customers since July 2017.
After the judge’s recent decision, the next important hearing in this high-stakes legal dispute is scheduled for October 12th. This case continues to attract significant attention within the cryptocurrency industry and regulatory circles, with potential implications for the broader crypto landscape in the United States.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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