Binance.US has responded to the Securities and Exchange Commission (SEC), pushing back against the SEC’s motion for depositions of Binance executives and further discovery.

In its redacted response, Binance.US criticized the SEC’s requests as “unduly burdensome” and “freewheeling,” pointing out the absence of concrete evidence to support the SEC’s allegations of wrongful diversion of customer funds.

Binance.US emphasized that despite extensive discovery conducted during the expedited discovery period, the SEC has failed to provide any substantiated evidence to support its claims that imply the misdirection of investor assets.

According to the exchange, all available evidence, including documents, declarations, and sworn deposition testimony, supports Binance.US’s assertion that it maintains custody and control over its digital assets.

In June, the SEC made allegations against Binance CEO Changpeng ‘CZ’ Zhao and Guangying ‘Helina’ Chen, alleging the funneling of billions of customer funds through intermediary companies.

These claims were supported by testimony evidence from an SEC accountant. Both Binance and CZ had publicly denied these allegations.

BAM’s filing also highlighted that CZ confirmed not having custody or control over the private keys for customer assets on the exchange.

The SEC had initially sought an asset freeze on Binance.US, but this request was denied by a U.S. judge. Instead, the judge ordered both parties to engage in negotiations regarding continued operations.

Binance.US expressed concerns about the extent of the SEC’s requests, including documents related to the exchange’s custody software and wallet solutions. The exchange questioned the rationale behind deposing BAM’s CEO and CFO within the scope of the Consent Order.

“The burden imposed by these depositions far outweighs their potential benefit, and the discovery sought is disproportionate to the needs contemplated by the Consent Order,” Binance.US stated in its filing.