Binance Challenges SEC

Binance, a cryptocurrency exchange, has filed for a protective court order against the U.S. Securities and Exchange Commission due to what it deems as overly broad and burdensome information requests. Binance's operating company, BAM Trading, along with BAM Management, contends that they have already provided sufficient information to the regulator. The protective order being sought aims to restrict the SEC's actions, including limiting the number of depositions to four from BAM employees and excluding the CEO and CFO from being deposed. The court filing mentions that the SEC has not yet provided evidence of customer asset misuse or dissipation. The SEC, however, has opposed BAM's proposed limitations and its motion for a protective order and in June, the SEC sued Binance and its CEO for alleged deceptive practices and various charges related to trading volume manipulation, fund diversion, failure to restrict U.S. customers, and misleading investors about market surveillance.