BAM Trading, Binance U.S.’s operating company, and BAM Management sought a protective order against the U.S. Securities and Exchange Commission’s (SEC) “troubling and inappropriate” abuse of its information requests, according to an Aug. 14 court filing.
The SEC request
BAM stated that the SEC wants it to produce “all communications” from Nov. 2022 from at least six employees and executives. According to the firm, this request cover dozens of topics—many of which have nothing to do with customer assets.
Besides that, the financial regulator wants to depose at least six of its employees and officers, including its chief executive officer and chief financial officer.
‘Fishing expeditions’
In the filing, BAM described the SEC’s requests as a “fishing expedition” and revealed that it has worked in good faith to meet some of the demands of the financial regulator.
However, it noted that these requests are “overbroad and unreasonable,” adding, “Courts do not tol
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