Enough is Enough: Binance US Says as they Seek Protection Against The SEC
Binance US's company, BAM Trading, asks for protection against SEC, saying they've shared enough. The SEC thinks otherwise.
BAM Trading, the company behind Binance US, wants protection against the SEC. They said the SEC is asking for too much information beyond what's necessary.
Binance, a big cryptocurrency company, has asked for protection against the U.S. Securities and Exchange Commission (SEC). They believe they've given the SEC enough details.
BAM Trading, which owns Binance US, has made a request to limit the questions the SEC can ask them. They think the SEC is being unreasonable and asking for things that are not related to the main issue.
BAM has agreed to let four of its staff members answer questions. They said the SEC is going on a "fishing trip" instead of focusing on the main concerns.
They want the court to limit the SEC's questions and to not allow them to question the company's main leaders.
In June, the SEC had issues with Binance and its founder Changpeng Zhao. They said Binance broke some laws and misled their customers.
Binance explained that they keep their customer's money safe in separate accounts. They also said that while Zhao owns The BAM trading account, he doesn't control it or have authority over it.
In their latest statement, BAM told the SEC that their customer's money is safe, further stating that the SEC has no proof to say otherwise.
