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Attorneys for Binance.US (BAM) hit out on the Securities and Change Fee (SEC), calling requests to depose a few of its senior executives and additional discovery ”unreasonable.”
Binance.US filed a response to the courtroom on Sept. 12 after the SEC demanded additional discovery and requested depositions from BAM CEO Brian Shroder and CFO Jasmine Lee. BAM mentioned the requests have been ”unduly burdensome” and ”freewheeling.”
“The SEC nonetheless has no proof to assist its unsubstantiated allegations that suggest investor belongings have been in some way diverted,” it mentioned. “All of the proof on this matter—together with paperwork, declarations, and sworn deposition testimony—helps BAM’s place that it has custody and management of its digital belongings.”
The SEC had alleged in June that Binance founder Changpeng Zhao and others had siphoned off billions of {dollars} of buyer funds by way of middleman corporations. It cited proof primarily based on testimony from an SEC accountant.
BREAKING: 🇺🇸 SEC sues #Binance and CEO Changpeng Zhao, citing US securities regulation violations.
— Watcher.Guru (@WatcherGuru) June 5, 2023
Binance.US Says It Supplied Different Executives For Depositions
The legal professionals additionally mentioned the SEC’s requests are overly broad and past the scope of an earlier consent order. They added that the depositions from Shroder and Lee have been requested with out offering any proof that the 2 executives are concerned within the each day administration of buyer belongings and their switch or custody.
The legal professionals additionally mentioned that the CEO and the CFO don’t possess distinctive data relating to the related subject and mentioned BAM had provided quite a few different executives with related data of the operations, together with Erik Kellogg, BAM’s chief data safety officer.
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