Binance’s Request to Modify SEC’s Language Denied by Judge
June 27, 2023

Binance’s Request to Modify SEC’s Language Denied by Judge

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Binance’s attempt to change the way the U.S. Securities and Exchange Commission’s (SEC) portrays Binance.US of handling of customer funds in a June 17 press releases was denied by a federal judge, a move the company feared could negatively influence its court proceedings.

BAM Trading, operating as Binance.US, had expressed concerns over what they deemed as the SEC’s “misleading extrajudicial statements” in a complaint filed on June 23. Binance has to respond to the SEC’s allegations by September 21, and the SEC has until November 7 to respond to Binance’s claims:

“The SEC’s press release is disappointing given the SEC’s prior concessions before this Court about its lack of evidence on this issue and the fact that Defendants worked in good faith before and after the Complaint was filed to address the SEC’s unsubstantiated concerns about BAM customer assets.”

The legal team representing Binance argued that the SEC’s press release seemed to be aimed at causing unnecessary market turmoil, a move that might impact BAM clients adversely instead of protecting them.

Excerpt from the SEC’s press release

Judge Amy Berman Jackson, the judge overseeing the SEC’s lawsuit against Binance.US, dismissed these claims. She stated that the court’s duty does not extend to editing the public statements of either party involved in the case:

“It is not apparent that Court intervention to reiterate that point is needed at this time, or that it is necessary or appropriate for the Court to get involved in wordsmithing the parties’ press releases. Nor is it clear that the agency’s public relations efforts to date will materially affect proceedings in this case.”

The lawyers noted that the SEC’s portrayal also ran the risk of “misleading” the jury with skewed interpretations of the evidence against the defendants. They firmly insisted that there is “no evidence of misuse, co-mingling, or dissipation of BAM customer assets.”

BAM Trading, operating as Binance.US, had expressed concerns over what they deemed as the SEC’s “misleading extrajudicial statements” in a complaint filed on June 23. Binance has to respond to the SEC’s allegations by September 21, and the SEC has until November 7 to respond to Binance’s claims.

This filing is a part of Binance’s preparation of a lawsuit against the SEC. On June 5, the SEC sued Binance and CEO Changpeng Zhao, alleging a violation of federal securities laws.

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