Ripple Seeks Information From Binance As Part Of SEC Case

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Ripple went to court to request documents from the cryptocurrency exchange Binance related to the company’s current litigation with the SEC.

In December, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing it of selling unregistered securities in the amount of $ 1.3 billion. The proceedings are still ongoing. Ripple CEO Brad Garlinghouse Lawyers
have applied to the Court of the Southern District of New York to request documents from Binance Holdings Limited, a subsidiary of the Binance exchange.

The defense is trying to challenge the SEC’s claims that Garlinghouse sold more than 357 million XRP on international cryptocurrency exchanges around the world, violating investors’ rights. Ripple argues that the accusations of illegal XRP sales should not apply to transactions made outside the United States. Therefore, documents requested from Binance may contain evidence in support of Ripple. The lawyers said that this information could not be obtained by other means, but it is directly relevant to the case.

The lawyers’ petition mentions state laws and the Hague Convention, so Garlinghouse’s lawyers asked the court to send a request for data to the regulator of the Cayman Islands, where Binance is registered. The complication, however, is that last month the Cayman Islands Monetary Authority (CIMA) announced that Binance was not registered and licensed to operate in the country.

“Garlinghouse was selling XRP on foreign markets. The information that we intend to receive from Binance will demonstrate that the company did not violate the laws of the country, and Garlinghouse’s actions are not subject to the laws referred to by the SEC, ”the lawyers said.

In June, Garlinghouse and Ripple co-founder Chris Larsen filed a similar petition to obtain documents from other cryptocurrency exchanges operating outside the US, including Bitstamp, Huobi, and Upbit. The disclosure of information should be completed by October 15, as the court postponed the consideration of the case to that date.

Garlinghouse previously said that without XRP sales, the company would be less profitable. Ripple recently tried to bring former SEC chief financial officer William Hinman into the case in an attempt to prove that XRP should not count as a security.

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