Judge 'Not Inclined' to Allow SEC Access to Binance Software


19 Sep 2023 6:38 AM

Although the request was not denied in a definitive manner, the judge announced he sees no reason to allow access at the moment....

  • The judge has not definitively denied the request for access, but sees no reason to allow it at the moment.
  • The SEC has complained about the quality of information provided by Binance and its U.S. arm, claiming that only 250 pages of evidence were turned over, including "unintelligible screenshots."
  • Binance has made efforts to block executives from testifying.
  • Judge Faruqui accused the SEC of going on a "fishing expedition" and making broad requests for information.
  • The SEC claims that the internal software of Binance and Binance U.S. could prove closer links between the entities and the holding of U.S. customer assets abroad.
  • The SEC requested an inspection of Binance's internal workings and additional information, but the request was denied.
  • The judge suggests that the SEC should make more tailored requests for information and interview additional witnesses.
  • Binance's legal team has responded to targeted requests but refuses to respond to "foolish" document requests from the government.
  • The case will continue with the information provided, with the possibility of additional discovery if necessary.

The sentiment in the article is mixed. The judge's response to the SEC's request is less favorable than expected, indicating some support for Binance. However, the SEC's complaints about the quality of information and their claims against Binance suggest a negative sentiment towards the exchange.

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