{"id":2382,"date":"2023-09-19T16:16:23","date_gmt":"2023-09-19T16:16:23","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=2382"},"modified":"2023-09-19T16:16:25","modified_gmt":"2023-09-19T16:16:25","slug":"u-s-judge-denies-secs-request-to-probe-binance-us","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/u-s-judge-denies-secs-request-to-probe-binance-us\/","title":{"rendered":"U.S. Judge Denies SEC&#8217;s Request to Probe Binance.US"},"content":{"rendered":"\n<p>A recent decision by a U.S. judge put the Securities and Exchange Commission (SEC) in a tough spot regarding Binance.US. During the court session on Monday, Sept. 18, the SEC&#8217;s request to examine Binance.US went unanswered.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-judge-advocates-for-mutual-cooperation\">Judge Advocates for Mutual Cooperation<\/h2>\n\n\n\n<p>Earlier in Q2 2023, the SEC accused Binance and its CEO, Changpeng Zhao (often referred to as CZ), of operating an unauthorized securities exchange. The commission&#8217;s primary concern has been to ensure the assets of the exchange\u2019s U.S. patrons remain within the country.<\/p>\n\n\n\n<p>Magistrate Judge Zia Faruqui, instead of making a decisive call, emphasized teamwork. He urged both entities to jointly address discovery demands, stating, \u201cLet&#8217;s strive to resolve this collaboratively. I won\u2019t dictate immediate actions. My priority is to maintain the momentum.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The SEC Pushes for Clarity from Binance.US<\/h2>\n\n\n\n<p>The SEC has been pushing Binance.US to confirm the safety of its customer assets and has expressed a keen interest in understanding the platform&#8217;s ties with its service provider, Ceffu. Binance.US, in a recent report, critiqued the SEC&#8217;s inability to furnish proof of any misallocation of client funds. The crypto exchange even went on to describe the SEC&#8217;s motions as &#8220;excessively demanding&#8221; and &#8220;indiscriminate.&#8221; Lawyers representing Binance argued that the information demands of the SEC far outweighed any plausible benefits.<\/p>\n\n\n\n<p>During the latest hearing, Judge Faruqui nudged Binance.US to shed light on its prevailing asset custody methods. Expressing his reservations, Faruqui remarked, \u201cI\u2019m unsure if BAM [Binance.US] truly oversees their assets. I believe we require a clearer picture.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent decision by a U.S. judge put the Securities and Exchange Commission (SEC) in a tough spot regarding Binance.US. During the court session on Monday, Sept. 18, the SEC&#8217;s request to examine Binance.US went unanswered. Judge Advocates for Mutual Cooperation Earlier in Q2 2023, the SEC accused Binance and its CEO, Changpeng Zhao (often [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,43],"tags":[],"class_list":{"0":"post-2382","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange","8":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>U.S. Judge Denies SEC&#039;s Request to Probe Binance.US<\/title>\n<meta name=\"description\" content=\"A recent decision by a U.S. judge put the Securities and Exchange Commission (SEC) in a tough spot regarding Binance.US. 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