The Securities and Exchange Commission (SEC) has upped the ante in its lawsuit against BAM Trading Services, which does business in the United States as Binance, with a court filing demanding the release of documents that the exchange has tried to keep hidden from the regulator.
The regulators view the release of the documents as a necessary and appropriate good-faith step on the part of BAM. But the exchange’s lawyers hotly deny the relevance and fairness of the SEC’s requests.
The SEC Seeks More Disclosures From Binance
The financial watchdog has a keen interest in service providers that Binance may have turned to for wallet custody software and other help.
In the SEC’s view, BAM has been unresponsive when regulators have come forward with requests for information. For its part, Binance believes it is looking out for customers’ interests, and its own, by refusing to comply.
To the SEC’s frustration, crucial documents that might have cast light on this recalcitrance were sealed. Hence, it was hard to prove that Binance was not cooperating.
At the end of last week, the SEC finally got a federal judge to rule in its favor. Judge Zia M. Faruqui’s Sept. 15 court order required the unsealing of 16 documents and the partial unsealing of nine others.
The unsealed documents cast light on the legal maneuvers with which BAM has tried to keep its internal matters secret. And out of reach of the media, the public, and, above all, the regulators who would like to close down Binance for good.
Read more about the SEC’s long-running legal war against Binance and Changpeng Zhao here.
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Author: Michael Washburn
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