- Binance and SEC engage in a thorough legal battle over transparency and regulatory compliance.
- SEC pushes for detailed insights into Binance’s operations, focusing on wallet software and asset handling.
- Binance responds with extensive document disclosure, aiming to resolve legal confrontation by April.
In the final stages of a lengthy legal battle, crypto firm Binance faces off against the US Securities and Exchange Commission (SEC). With the discovery phase nearing completion, both parties are preparing for the last lap of this high-stakes confrontation.
According to Coinpedia’s report, in a careful exchange of requests and revelations, the SEC has pushed Binance for detailed insights into its operations. The agency’s focus spans from scrutinizing Binance’s wallet software to its handling of customer assets, seeking clarity on the cryptocurrency exchange’s modus operandi.
Consequently, Binance responded with 300,000 pages of documents, asserting compliance with disclosure obligations. Despite the exhaustive nature of the discovery process, both sides have delved deep into the technical difficulties of cryptocurrency operations.
Acknowledging the need for transparency, Binance pledged to provide additional non-privileged information, including internal communications between its employees and those of its US branch, Binance.US. With the court targeting April to wrap up all discovery and deposition processes, it indicates the imminent resolution of this legal saga.
At the core of the conflict stands Changpeng Zhao, the founder of Binance. As the SEC directs its inquiries toward Zhao, the exchange’s leadership demonstrates a willingness to engage constructively with regulatory concerns.
While Binance endeavors to streamline communication with the SEC, the regulatory agency remains guarded about its next steps. With a detailed approach, the SEC asserts its attention to safeguarding American investors by ensuring compliance and fairness within the crypto market.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
