A U.S. federal judge has denied the U.S. Securities and Exchange Commission (SEC) immediate access to Binance.US’ software, in response to the regulator’s motion demanding more detailed information from Binance and greater availability of its executives for depositions.
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Fast facts
- On Monday, Federal Magistrate Judge Zia Faruqui said he was not “inclined to allow the inspection at this time.” He asked that the SEC come up with more specific requests, according to a Bloomberg report.
- Binance, the world’s largest crypto exchange, has been dealing with growing regulatory challenges in the U.S. this year.
- In June, the crypto exchange was sued by the SEC for allegedly breaching securities mandate.
- The exchange earlier this month laid off one-third of its staff, or more than 100 employees. Brian Shroder, the chief executive of Binance U.S., also left the company.
- Binance’s global head of product Mayur Kamat has also resigned from the company, according to Reuters.
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