An effort by Binance to limit the scope of language used by the U.S. Securities and Exchange Commission (SEC) in press releases about the handling of customer funds has been dismissed by D.C. District Court Judge Amy Berman Jackson.Â
The digital exchange firm expressed concerns that such language could negatively influence its trial proceedings.
Judge Jackson, overseeing the SEC’s lawsuit against Binance.US, rejected the crypto company’s claim, asserting that the court’s role is not to fine-tune the public statements of either party in the case.
The Judge further dismissed the need for the court to interfere in the SEC’s public relations efforts or to speculate on their potential impact on the ongoing proceedings.
Binance.US, operated by BAM Trading, objected to the SEC’s press release on Friday. The company’s lawyers argued that the SEC’s “misleading extrajudicial statements” could potentially introduce unnecessary confusion in the market and cause more harm than good to BAM’s customers.
Additionally, Binance’s legal team expressed concerns about the potential for these descriptions to bias the jury pool against them. They insisted there is no evidence to suggest any misuse, commingling, or dissipation of BAM’s customer assets.
Also Read: SEC Dispute Settled: Binance CEO CZ Looks to the Future
Amidst these developments, Binance is preparing for an intense legal battle against the SEC. The regulatory body, which sued Binance and its CEO Changpeng “CZ” Zhao on June 5, has increased its scrutiny of crypto companies recently, alleging the need to protect investors in a risky and largely non-compliant industry.
