Binance.US has responded to the movement to compel and reply by america Securities and Change Commission (SEC), calling a lot of the SEC’s requests “unreasonable” and “unduly burdensome.”

Attorneys of BAM Buying and selling Providers, which operates Binance.US cryptocurrency alternate, on Sept. 12 filed sealed paperwork for opposition to the U.S. SEC looking for further particulars from Binance.US.

The defendants argued that the SEC’s requests for manufacturing and interrogatories are “overly broad, unduly burdensome” and “past the scope of the consent order.” BAM attorneys claimed that the SEC’s demand for certainty, in addition to the requests for depositions of BAM’s CEO Brian Shroder and chief financial officer Jasmine Lee have been “unreasonable.”

BAM attorneys acknowledged that the SEC’s movement “doesn’t determine any proof” that Shroder and Lee are concerned within the day-to-day administration particulars regarding the custody and switch of buyer property at Binance.US.

“BAM’s CEO and CFO haven’t any distinctive information relating to details related to the restricted matters recognized within the consent order’s expedited discovery provision,” the legal professionals mentioned. The attorneys additionally mentioned that BAM has provided many different witnesses, which had extra insights about BAM’s operations, together with BAM’s chief info safety officer Erik Kellogg. The legal professionals famous:

“The burden imposed by these depositions far outweighs their potential profit, and the invention sought is disproportionate to the wants contemplated by the consent order.”

The attorneys additionally argued that the SEC nonetheless has “no proof to assist its unsubstantiated allegations” implying that buyer property have been one way or the other diverted. In line with the defendants, the SEC’s allegations that type its cross-motion to compel are “deceptive and mistaken.”

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There’s additionally a “full disconnect” between the SEC’s “overbroad and abusive method” and the restricted expedited discovery to which the regulator agreed within the consent order, the legal professionals mentioned.

BAM’s response got here shortly after the SEC and Binance agreed on a protecting movement, which requires events to file confidential info beneath seal. The plaintiff and the defendants submitted the joint movement on Sept. 11, pledging to file confidential and private info as protected supplies, proscribing entry to events just like the choose, attorneys, plaintiffs and defendants.

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