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

• 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.