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In its effort to access Binance, the SEC observes a little obstacle.a US programme

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In a recent legal development, a federal magistrate judge has rebuffed the request made by the Securities and Exchange Commission (SEC) for immediate access to Binance.US’s software. The judge has stipulated that the regulator needs to furnish more specific details in their request for discovery.

The United States Securities and Exchange Commission has faced an uphill battle in its pursuit of immediate access to Binance.US’s software. The presiding judge has expressed reluctance, stating that he is not inclined to grant the inspection at this juncture.

This legal tussle unfolded during a hearing held on September 18, where the SEC sought to compel Binance to provide comprehensive information and increase the accessibility of its executives for depositions. This issue has been a contentious point of contention between the two parties over the past week.

During the hearing, Judge Faruqui explicitly stated his disinclination to permit the inspection at this juncture. Instead, he proffered the suggestion that the SEC should formulate more specific requests for discovery and engage with a broader spectrum of witnesses. These developments were reported in a Bloomberg article dated September 18.

The SEC has consistently asserted that it has encountered obstacles in obtaining information from Binance.US since it initiated legal proceedings against the American branch of the cryptocurrency exchange. This legal action also targeted its global affiliate, Binance Holdings Ltd, and its CEO, Changpeng “CZ” Zhao. The allegations revolve around their purported involvement in the sale of unregistered securities.

On September 15, the SEC accused Binance.US of non-cooperation during the investigation. The regulator highlighted that Binance.US’s parent company, BAM Trading, had only produced a meager 220 documents during the discovery process.

A substantial portion of these documents was described as “comprising indecipherable screenshots and documents bereft of dates or signatures,” according to the SEC. Furthermore, the regulator contended that BAM had refused to provide crucial witnesses for deposition, agreeing only to four depositions involving witnesses it deemed appropriate.

Nevertheless, Binance has consistently characterized the SEC’s repeated requests for discovery as “unduly burdensome.” In contrast, the SEC contends that Binance is uncooperative, despite having consented to a discovery order in the SEC’s lawsuit against them, which pertains to unregistered securities operations and other alleged transgressions.

Judge Faruqui’s decision to deny the SEC immediate access to Binance.US’s software and other pertinent documentation represents a partial setback for the regulator in its ongoing legal battle against the cryptocurrency exchange. Of central concern to the SEC is the custody of Binance.US customer assets, as it asserts the need for a comprehensive investigation to unearth potential ties to the global branch of the exchange.

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