SEC vs Ripple: Ripple Granted Access to Binance XRP Documents

In an unexpected twist in the ongoing lawsuit between Ripple and the SEC, the company was granted access to the Binance documents.

August 6, 2021, | AtoZ Markets – The ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has taken a new turn, with the company being granted access to Binance documents.

US Judge Sarah Netburn granted Ripple CEO Brad Garlinghouse access to international Binance records. motion to “Obtain international discovery” of Binance records. According to the summary of the court document, the permission was granted on August 3.

In the lawsuit alleging Ripple was selling unregistered securities, the SEC alleges that Garlinghouse has sold more than 357 million XRPs to investors around the world on crypto trading platforms.

On August 2, Garlinghouse’s lawyers requested Binance Holdings Limited access to “lawsuit-related and otherwise unobtainable” documents.

In the application, it was stated that the CEO of Ripple wanted to access the documents in question, thinking that Binance had information and documents related to the case. The documents contain a  record of XRP transactions allegedly carried out by Garlinghouse, and the Ripple executive is thought to be able to prove that the said transactions were made outside the jurisdiction of the SEC.

Ripple’s legal team has argued that only domestic sales and securities offerings can be considered illegal sales of XRP under Section Five of the Securities Act of 1933. The majority of Garlinghouse’s XRP sales were made on digital asset trading platforms outside the US.

Garlinghouse and Larsen filed an application in June for international authorities to request documents from non-US-based cryptocurrency exchanges such as Bitstamp, Huobi, and Upbit.

Ripple also believes that the SEC cannot regulate XRP as a security because it is a medium of exchange used in international and domestic transactions.

Read also: Ripple CEO Criticizes SEC for Refusing to Comment on Ethereum’s Legal Status

The lawsuit began in December 2020 when the SEC accused Garlinghouse and the company’s other co-founder, Chris Larsen, of selling unregistered securities.

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment