SEC Slapped Down By Court In Recent Ruling

September 19, 2023 11:13 am Comments

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.

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.”

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?”

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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