Binance.US Legal Battle Takes a Twist, Judge Rejects SEC's Inspection Request
The judge denied the SEC's request to inspect Binance.US software in the latest update of the case between the SEC and Binance. Read more....
- The SEC's request to inspect Binance.US software was denied by Judge Zia Faruqui.
- The judge stated that the SEC should come up with more tailored requests and speak with additional witnesses.
- The ongoing legal case has resulted in a significant reduction in trading volume for Binance.US.
- Binance.US's lawyers described the SEC's request as a "fishing expedition" and "overboard."
- Binance.US lost banking support, suspended US dollar deposits, and laid off a third of its workforce.
- Binance's US trading volume decreased by 98% between January 2022 and August 2023.
- Binance.US currently has a daily trading volume of about $11.2 million, while Coinbase's daily trading volume is $983 million.
The article highlights the SEC's failed attempt to inspect Binance.US software, which is seen as a positive development for Binance.US. However, the ongoing legal case and its impact on trading volume indicate a negative sentiment.