Major crypto exchange Binance has been involved in the lawsuit between Ripple Labs and the US regulator SEC.
August 3, 2021, | AtoZ Markets – Lawyers representing Ripple CEO Brad Garlinghouse have asked the Southern District Court of New York to obtain documents “relevant to the current case and not otherwise available” from Binance Holdings Limited.
The request relates to Ripple's litigation with the US Securities and Exchange Commission (SEC), accusing the company of illegally selling $1.3 billion in securities. In its appeal, Ripple refers to state laws and the Hague Convention. The company is asking the court to contact the Cayman Islands Central Administration, where Binance is registered.
“Mr. Garlinghouse seeks foreign discovery on the basis of his good faith belief that [Binance Holdings Limited] possesses unique documents and information concerning this case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted,” said the filing.
Thus, Ripple seeks to challenge the SEC's claims that the Ripple CEO has sold over 357 million XRP through "worldwide" trading platforms with the participation of investors "from all over the world." Lawyers argue that the accusation should not affect transactions carried out outside the United States. Binance documents may support their position.
“As far as we know, Garlinghouse's XRP sales were conducted primarily on digital asset exchange platforms outside of the United States. This information will allow us to demonstrate that the proposals and sales imputed by the SEC did not take place in this country and are not controlled by the laws to which the SEC refers in this case. "
In June, Garlinghouse and Ripple co-founder Chris Larsen approached international authorities with a request for documents from several foreign exchanges, including Bitstamp, Huobi, and Upbit.
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