Binance.US has responded to the motion to compel and reply by the SEC, calling most of its requests “unreasonable” and “unduly burdensome.”
Binance.US has responded to the motion to compel and reply by the United States Securities and Exchange Commission , calling most of the SEC’s requests “unreasonable” and “unduly burdensome.”filedThe defendants argued that the SEC’s requests for production and interrogatories are “overly broad, unduly burdensome” and “beyond the scope of the consent order.
“BAM’s CEO and CFO have no unique knowledge regarding facts relevant to the limited topics identified in the consent order’s expedited discovery provision,” the lawyers said. The attorneys also said that BAM has offered many other witnesses, which had more insights about BAM’s operations, including BAM’s chief information security officer Erik Kellogg. The lawyers noted:
The attorneys also argued that the SEC still has “no evidence to support its unsubstantiated allegations” implying that customer assets have been somehow diverted. According to the defendants, the SEC’s allegations that form its cross-motion to compel are “misleading and mistaken.”There is also a “complete disconnect” between the SEC’s “overbroad and abusive approach” and the limited expedited discovery to which the regulator agreed in the consent order, the lawyers said.
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