Binance’s attempt to restrict the language used by the U.S. Securities and Exchange Commission (SEC) in press releases concerning the handling of customer funds has been dismissed by Judge Amy Berman Jackson of the D.C. District Court.
The cryptocurrency exchange company expressed concerns that this language could have a negative impact on its trial proceedings.
Judge Jackson, presiding over the SEC’s lawsuit against Binance.US, dismissed the company’s claim, stating that the court’s role is not to refine the public statements made by either party in the case.
The Judge also dismissed the need for the court to intervene in the SEC’s public relations efforts or speculate on their potential impact on the ongoing proceedings.
Binance.US, operated by BAM Trading, objected to the SEC’s press release issued on Friday. The company’s legal team argued that the SEC’s “misleading extrajudicial statements” could create unnecessary confusion in the market and harm customers of BAM Trading.
In addition, Binance’s lawyers expressed concerns about the potential bias these descriptions could introduce into the jury pool, maintaining that there is no evidence of any misuse, commingling, or dissipation of customer assets.
Amidst these developments, Binance is gearing up for a fierce legal battle against the SEC. The regulatory body, which filed a lawsuit against Binance and its CEO Changpeng “CZ” Zhao on June 5, has been increasing its scrutiny of cryptocurrency companies, citing the need to protect investors in a risky and largely non-compliant industry.
Compiled by Coinbold
