Binance CEO Changpeng Zhao (CZ) and an affiliate have recently filed a motion to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC) against them. The motion argues that the SEC's allegations are baseless and that the regulator has failed to provide sufficient evidence to support its claims. The motion also highlights the SEC's lack of jurisdiction over Binance, which is a global cryptocurrency exchange that operates outside the United States. The defendants assert that the SEC has overstepped its boundaries by attempting to regulate a foreign entity.
In a separate development, a US court has denied the SEC's request to inspect Binance. The court ruling comes as a blow to the SEC's efforts to investigate the cryptocurrency exchange. The regulator had sought permission to access Binance's records and documents as part of its ongoing lawsuit. However, the court determined that the SEC's request was overly broad and lacked specificity. The decision underscores the importance of due process and the need for regulators to provide strong justifications for their investigative actions.
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