Binance files for protective order against the US Securities and Exchange Commission

Cryptocurrency firm Binance late on Monday filed for a protective court order against the US Securities and Exchange Commission (SEC) claiming the agency’s requests for the company’s communications are "overbroad" and "unduly burdensome", as per a Reuters report.

In June, the US SEC and Binance reached an agreement in court that lets the world's largest cryptocurrency exchange continue to operate in the United States as it battles SEC fraud charges.

The SEC said that Binance broke US laws by operating as an unregistered securities exchange. It filed similar charges against the world's other top cryptocurrency exchange, Coinbase, nearly simultaneously.

But Binance and its CEO, Changpeng Zhao, face additional charges of diverting customer funds - concealing the fact that it was commingling billions of dollars in investor assets and sending them to a third party that Zhao also owned.

As a result, the SEC asked that the assets of Binance's US platform be frozen.