Binance asks court to make SEC comply with rules of conduct after ‘misleading’ press release

Binance-related companies asked courts on June 21 to restrict the U.S. Securities and Exchange Commission (SEC) from making certain statements.

That filing notes that the Binance companies and the SEC agreed on a consent order on June 17 that dictates how Binance.US can make use of its funds.

However, almost immediately after that agreement, the SEC published a press release that Binance calls misleading.

The press release in question asserts that Binance and its CEO, Changpeng Zhao, had control of customer assets and states that those parties were able to “commingle” or “divert” customer assets.

Binance and the defendants asserted that there is no evidence that s BAM Trading Services and BAM Management US Holdings misused funds in any way. It called the SEC’s announcement “disappointing” and warned that the press release could create confusion in the market and taint the jury pool.

The BAM companies and other parties have now asked the court to issue an order compelling the SEC to comply with rules of conduct that have already been set out. Those rules prohibit misleading extrajudicial statements that could have a material impact on the case.

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