The Securities and Exchange Commission (SEC) faced challenges following its partial loss in the Ripple lawsuit. While the agency has been spearheading
lawsuit. While the agency has been spearheading the “regulation by enforcement” policy, by the looks of it, many, including the justice system, are not in agreement with it.SEC loses another battle against Binancecrypto exchange
, Binance. The regulatory body first sued Binance.US in June this year and has since been attempting to gain access to the documents to proceed with its case of a potential violation of Securities laws. However, federal Magistrate Judge Zia Faruqui does not think the SEC has a strong enough case to allow access to Binance.US’ documents. In line with the same, the judge rejected the agency’s request for gaining immediate inspection access to the exchange’s software. Judge Faruqui noted that the SEC needs to come up with more tailored requests and speak with additional witnesses.
The regulatory body has been unable to gain information from Binance.US ever since it filed the lawsuit against it, as well as Binance and its CEO Changpeng Zhao . On the other hand, the lawyers for the exchange have been reluctantly resisting the deposition of its top executives. Calling the SEC’s pursuit a “fishing expedition”, the lawyers noted that the executives have no knowledge about the security and custody of customer assets.
Regardless, Binance.US has been losing the support of its customers since the lawsuit was filed in June, the evidence of which can be seen in the trading volume.According to data obtained from Coingecko, since June, the average daily trading volume of the exchange has seen a sharp decline. The exchange was averaging well above $500 million in May and around $150 million in June.
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