Binance has approached a court seeking protection against the SEC, arguing that the regulator is on an unwarranted deep dive into their operations. In a document submitted to the court on August 14th, Binance requested this protection after receiving numerous notices and requests for information from the SEC.
Binance stated that while they have been cooperating in good faith, the SEC seems to think it has free reign to probe every part of Binance’s asset handling practices without clear boundaries.
Binance claimed the SEC is demanding it produce communications dating back to November 2022 for “dozens of topics — many of which have nothing to do with customer assets.”
It also took issue with the SEC’s request that the exchange make six of its employees and officers available for depositions including its CEO Changpeng “CZ” Zhao.
“Now, the SEC is also demanding depositions of BAM’s most senior executives despite that they do not have unique firsthand knowledge about the facts surrounding the security, custody, and transfer of customer assets, and the employees who do have been offered for depositions,” it argued.