SEC Slapped Down By Court In Recent Ruling
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September 19, 2023 11:13 am
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The SEC’s lawsuit against Binance intensified this week as the SEC accused Binance of not cooperating with its ongoing investigation.
In response to this, the world’s largest centralized exchange by volume espoused the usual ‘FUD, don’t worry about anything’ rhetoric the company has come to be known for.
Incensed by what they believed to be Binance’s lack of cooperation, the SEC filed a motion with the court to gain permission to ‘inspect’ Binance’s assets, communications, internal documents, etc.
Trending: Jed McCaleb…and Bill Clinton?
Since that time the court has struck down the SEC’s request, citing the recent filing as ‘overboard’ on the part of the SEC.
Venture capitalist Adam Cochran presented the court documents and explained: “SEC seeks [a] court order for inspection of Binance US. [The SEC is] Now expressly calling out that Ceffu is indeed a Binance-related entity and that Binance US has been misleading the court.”
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The SEC calls out that this violates the consent decree that required new wallets expressly away from Binance International control/access, but interesting specifically notes this is important as Binance has "controlled" BAM for it's "own unlawful purposes" pic.twitter.com/nPjPNni2Px
— Adam Cochran (adamscochran.eth) (@adamscochran) September 18, 2023
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We also learn for the first time that the SEC sought the testimony of Brian Shroder (US CEO) and Jasmine Lee (US CFO) but have been denied and fought on that and only *just* got told that Shroder is no longer CEO despite Shroder being missing for 8+ months. pic.twitter.com/KMFMcPZe3F
— Adam Cochran (adamscochran.eth) (@adamscochran) September 18, 2023
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Either way, the SEC here is suggesting:
-There is evidence of crimes.
-There is indeed evidence that Ceffu is Binance International (duh)
-Ceffu is not simply a wallet provider
-BAM executives themselves lack insight on Binance US assets and tooling.— Adam Cochran (adamscochran.eth) (@adamscochran) September 18, 2023
According to Watcher Guru:
The SEC labels Zhao “an individual who views himself outside the jurisdiction of any court.”Furthermore, the SEC says that Binance’s response so far has been ” half-hearted claims of irrelevance, prejudice, and burden.”
Popular digital asset and blockchain outlet “Crypto Town Hall,” asked: “Could this be a turning point in the case in favor of Binance?”
BREAKING: SEC Fails to Win Immediate Inspection of Binance US
The SEC failed to convince a federal magistrate judge to immediately let officials delve into https://t.co/P69g2tUdP6's software, a setback for the regulator in its case against the crypto-trading platform.
The… pic.twitter.com/jcUIgFQQ21
— Crypto Town Hall (@Crypto_TownHall) September 19, 2023
AMB Crypto confirmed:
Against the latest developments, the crypto exchange argued that the commission’s request was “overboard,” adding that it was an inconvenience. And, the U.S. D.C District Judge – Zia Faruqui eventually rejected this inspection plea made by the SEC.
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