Binance Says SEC’s Request for Depositions is ‘Overbroad’ and ‘Unduly Burdensome’

Binance.US (BAM) in a redacted response to the Securities and Exchange Commission (SEC), has called the commission’s motion for depositions by the exchange’s executives and further discovery “unduly burdensome” and “freewheeling” as it has yet to be presented with evidence that customer funds were wrongfully diverted.

“Even after all of the discovery already produced by BAM during the expedited discovery period, the SEC still has no evidence to support its unsubstantiated allegations that imply investor assets have been somehow diverted,” the exchange wrote. “All the evidence in this matter—including documents, declarations, and sworn deposition testimony—supports BAM’s position that it has custody and control of its digital assets.”

Source: Binance Says SEC’s Request for Depositions is ‘Overbroad’ and ‘Unduly Burdensome’