U.S. Judge Amy Berman Jackson has rejected a request from Binance, the largest crypto exchange by trading volume, to restrict the language in the U.S. Securities and Exchange Commission's (SEC) public statements about the case. Jackson said there is no need for the court to interfere to curtail the statements from either party. The federal judge also added that the SEC's public relations efforts did not affect proceedings in the case so far. - The legal team of Binance recently filed a motion, claiming that the SEC's public statements related to the case are misleading and have the potential to affect the jury, create confusion in the market, and harm the customers rather than protect them.
- Also, the firm's lawyers said there is no evidence that customer assets on Binance.US, the U.S. arm of Binance, have been commingled or misused in any way.
- Binance's complaint followed a statement from the SEC's enforcement director, Gurbir Grewal, who claimed that Binance and its CEO, Changpeng Zhao (CZ), could commingle or misuse customer assets as they wish.
Binance and the SEC have entered into a legal battle after the agency filed a 136-page complaint against the exchange and CEO Zhao over alleged U.S. law violations. - The allegations in the complaint include mishandling customer funds, misleading investors and regulators, violating securities laws, creating an extensive web of deception, conflicts of interest, lack of disclosure, wash trading, and calculated evasion of the law.
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