In the ongoing Binance.US case, a federal judge today denied the US Securities and Exchange Commission’s (SEC) request to access the technological infrastructure of crypto exchange Binance.US. Binance.US lawyers argued that the SEC’s document request was excessive. “I am inclined not to allow inspection at this time,” Federal Judge Zia Faruqui said during the hearing, proposing the SEC formulate a more targeted request and interview more witnesses.
The SEC has filed for “expedited discovery”, a legal process to obtain information quickly before the normal discovery process begins, in its lawsuit against Binance. Binance.US has been accused of not cooperating with the SEC’s investigation, according to court filings unsealed last week.
The SEC alleges that Binance.com and Binance.US should have registered as securities, broker-dealers, and clearing houses. The SEC alleges that the companies operated unlicensed securities exchanges and obtained at least $11.6 Billion USD in funds from their US users since July 2017. Judge Faruqui moved the next hearing to October 12.
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