Binance’s U.S. Exchange Bucks SEC’s Document Requests Amid Investigation


18 Sep 2023 8:33 PM

The crypto exchange is fighting to avoid handing over certain documents to the regulator, arguing the SEC’s requests are “overbroad.”...

  • Binance's U.S. entity, BAM Trading, is resisting regulators' requests for records related to its business practices.
  • The U.S. Securities and Exchange Commission (SEC) is seeking these documents to build a case against BAM for allegedly operating an unregistered securities exchange.
  • BAM's lawyers argue that the SEC's requests are overbroad, inconvenient, and burdensome.
  • The SEC has asked for various documents, including those related to customer asset handling, reserves, and financial health.
  • BAM's lawyers claim that some of the requested documents are not in their possession or are irrelevant to the investigation.
  • Pushback from firms under investigation is common, but it can cause delays in the case.
  • The SEC has accused BAM of obstructing its investigation by delaying document production and withholding information.

The article portrays a legal battle between Binance's U.S. entity and the SEC, with BAM Trading resisting document requests. The sentiment is neutral, highlighting the conflicting positions of the parties involved.

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You May Ask

Why is the SEC requesting records from Binance's U.S. entity, BAM Trading?What are BAM Trading's objections to the SEC's document requests?What types of documents has the SEC asked for in relation to BAM's business practices?How has BAM Trading responded to the SEC's allegations of obstructing the investigation?What potential impact could the pushback from BAM Trading have on the case?

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