04/15/2024
BTC65,172.0
ETH3,129.75
USDT0.999929
BNB561.0
SOL151.62
USDC1.0
XRP0.505659
DOGE0.159117
BUSD0.997965
Last news
Binance And The SEC Met In Court
09/19/2023

Binance And The SEC Met In Court

09/19/2023
4,2

The dispute between cryptocurrency exchange Binance and the U.S. Securities and Exchange Commission reached a climax when the two sides met in a court hearing on Sept. 18.

The SEC accuses Binance of being uncooperative, while the exchange characterized the hearings as "unduly burdensome." One of the main issues of the hearing is Binance's U.S. division and its Ceffu user funds vault. The SEC argues that Ceffu is legally owned by Binance, which violates laws and causes the threat of fund leaks. However, Binance claims that only U.S. employees will have access to the funds.

In court, the SEC demanded that Binance provide access to the testimony of its executives as well as access to the company's software, but Judge Faruqui denied the regulator's request and suggested alternatives, such as preparing more specific requests for information and speaking to a wider range of witnesses.

The court's September 18 ruling was a partial setback for the regulator in its case against Binance. However, the SEC stands its ground and argues that the U.S. division of the exchange should be more thoroughly scrutinized because the security of users' assets is at risk. Still, Judge Faruqui ordered Binance to disclose 16 documents and partially disclose nine more back on September 15.


Meanwhile, commissioner Hester Peirce discusses the current state of the SEC. Peirce is one of the five members of the SEC and a supporter of cryptocurrencies. She has repeatedly called on the Commission to provide clarity on digital assets. At the Permissionless II conference in Austin, she shared that she did not expect how far behind the SEC was in finding a regulatory framework for cryptocurrencies. While she also discussed that the SEC is currently embroiled in litigation with cryptocurrency companies, she believes that cryptocurrency companies should not give up on the U.S. market and continue to fight.


Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Changpeng Zhao Binance Binance.US


How useful is this article for you?
Thank you for your review!

Last news

Explore more

Amp (AMP)
$0.00689473
3.11%
Buy
BNB (BNB)
$561.0
1.81%
Buy
Dash (DASH)
$29.8
2.71%
Buy

HowTo

How to Take Part in the Open League Season 1?
How to Buy Crypto on Telegram Wallet?