Binance.US Legal Battle Takes a Twist, Judge Rejects SEC's Inspection Request

Coin Edition
Coin Edition

19 Sep 2023 5:25 PM

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.

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What was the outcome of the SEC's request to inspect Binance.US software?Why did Judge Zia Faruqui deny the SEC's request?How has the legal case affected Binance.US's trading volume?What allegations did the SEC make against Binance.US?How has Binance.US responded to the SEC's requests?

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