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Binance's plea to restrict the U.S. Securities and Exchange Commission (SEC) from using language pertaining to Binance.US' management of customer funds in press releases has been firmly dismissed by a federal judge. Binance argued that such language had the potential to harm its position during the trial, but the judge rejected the request.
D.C. District Court Judge Amy Berman Jackson, overseeing the SEC's lawsuit against Binance.US, rejected the allegations, emphasizing that the court's role is not to meticulously scrutinize the wording of public statements made by either party involved in the case.
“It is not apparent that Court intervention … is needed at this time, or that it is necessary or appropriate for the Court to get involved in wordsmithing the parties' press releases,” Judge Jackson ruled. “Nor is it clear that the agency's public relations efforts to date will materially affect proceedings in this case.”
BAM Trading, the company behind Binance.US, has lodged a complaint against the SEC's press release issued on Friday, expressing apprehension regarding the SEC's "misleading extrajudicial statements."
“The SEC’s press release also appears to be designed to introduce unwarranted confusion into the marketplace, which will have the effect of harming BAM customers rather than protecting them,” Binance’s lawyers said.
They added that “it also risks tainting the jury pool with misleading descriptions of the evidence concerning the Defendants.”
The company’s lawyers also maintained that there is “no evidence that BAM customer assets have been dissipated, commingled, or misused in any way.”
The judge granted Binance a deadline of September 21 to address the SEC's accusations. The SEC, in turn, must provide its response to the company's plea by November 7.
Binance has filed a complaint with the court as it prepares to engage in a legal battle against the SEC. On June 5, the SEC initiated a lawsuit against Binance, which is recognized as the leading cryptocurrency exchange worldwide in terms of trading volumes. The complaint alleges that both the company and its CEO, Changpeng "CZ" Zhao, violated federal securities laws.
In recent months, the SEC has taken legal action against multiple prominent cryptocurrency companies, emphasizing the importance of safeguarding investors in an industry that is considered risky and predominantly non-compliant.
