A federal judge rejected Binance.US’ attempt to limit the U.S. Securities and Exchange Commission’s use of language about Binance.US’ management of customer funds in the commission’s press releases, which the crypto exchange claimed could hurt it at trial.
“It is not apparent that court intervention … is needed at this time, or that it is necessary or appropriate for the court to get involved in wordsmithing the parties’ press releases,” D.C. District Judge Amy Berman Jackson said in her decision. “Nor is it clear that the agency’s public relations efforts to date will materially affect proceedings in this case.”
Binance.US filed the complaint about the SEC’s press release, raising concerns over the SEC’s “misleading extrajudicial statements.”
“The SEC’s press release also appears to be designed to introduce unwarranted confusion into the marketplace, which will have the effect of harming BAM customers rather than protecting them,” Binance.US claimed.
It further stated the public statements made by the SEC “risks tainting the jury pool with misleading descriptions of the evidence concerning the defendants.”
The judge gave Binance and its parent company BAM Trading, which was also named in the SEC’s suit, until Sept. 21 to respond to the commission’s allegations.