A U.S. federal judge rejected the SEC’s request for more information from Binance.US on Monday. The parties’ legal battle has stuck. The presiding court advised opposing parties to mutually cooperate and progress the case. In its examination of Binance.US, the SEC has pushed for its software acquisition. To verify compliance, the agency demanded specific data and deposed Binance executives. Before the hearing, Binance.US and the SEC argued over the move all week. Judge Faruqui was hesitant to grant the SEC’s request for Binance’s software swiftly. The source advised the SEC to tighten discovery requests and interview more witnesses. The judge seems to prefer a more focused data collection method before giving the SEC full access to Binance’s software. Due to the ongoing regulatory issues, Binance.US has already suffered a lot. As per fresh statistics by Kaiko, Binance.US’s weekly trading volume has shrunk from $5 Billion to only $40 million. On June 5, the SEC sued Binance. The US. The lawsuit addressed Binance.US, Binance Holdings Ltd., and CEO Changpeng “CZ” Zhao. SEC accuses them of selling unregistered securities. According to the SEC, Binance is hard to get. The legal dispute centers on US data. On September 15, the SEC accused Binance.US of non-cooperation. The SEC observed that BAM Trading, Binance.US’s parent business, supplied just 220 documents during discovery. The SEC called numerous files incomprehensible screenshots and documents lacking essential elements such as dates and signatures. According to reports, BAM Trading limited critical witness depositions to four sanctioned personnel. Trending Now: Citigroup Introduces Citi Token Services for Institutional Clients Binance alleges frequent SEC discovery demands create undue hardship. The SEC claimed Binance lacked cooperation despite complying with a consent order for its investigation into unregistered securities operations and other charges. This hearing cost the SEC half of its Binance lawsuit. The judge’s reluctance to grant speedier access to Binance’s software and his need for more explicit discovery requests implies that both sides must clarify and strengthen their claims before advancing. The SEC targets Binance. The US prioritizes security for the exchange of clients’ funds. SEC claimed Binance was thoroughly investigated and must determine if it’s connected to Binance’s international operations. No one knows how the lawsuit will finish. SEC and Binance.US must resolve complicated legal concerns to satisfy all sides, meet regulatory obligations, and safeguard crypto investors.

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