Binance XRP docs have been given to Ripple’s CEO

Syed AhadWeb Editor

04th Aug, 2021. 10:52 pm
Binance

Binance has allowed Ripple CEO Brad Garlinghouse to request data on XRP transactions.

Access to Binance papers of XRP transactions has been granted to Ripple’s CEO.

Brad Garlinghouse’s application to collect records from Binance was approved by Sarah Netburn, the presiding judge in Ripple’s continuing case with the Securities and Exchange Commission.

The Securities and Exchange Commission has filed a complaint against Garlinghouse for allegedly violating the Securities Act of 1933.

Last Monday, Garlinghouse’s legal team filed a motion with Binance, the largest cryptocurrency exchange by trading volume, asking for details on XRP sales.

Ripple filed the move as part of its international discovery procedure, which collects data on every XRP sale conducted on the exchange.

The motion was just approved, which comes as no surprise given the SEC’s lack of objections. The permission is seen as a minor victory for Ripple in the court fight.

On behalf of Garlinghouse, the court will send a Letter of Request to the Cayman Islands-based exchange. Binance will give papers that can be used as evidence in the case if it heeds the request.

The SEC claimed in a lawsuit filed in December 2020 that Ripple and its officers, CEO Brad Garlinghouse and executive chairman Chris Larsen, gained $1.3 billion in unregistered security sales over an eight-year period.

Ripple’s legal team has denied the accusation. They also recently invoked the “Lack of Clarity” Defense, claiming that the Securities and Exchange Commission (SEC) did not make its securities regulations more clear. They’ve devised a new defense strategy.

By displaying XRP sales that took place outside of the United States, the Ripple team hopes to demonstrate that the SEC may not have power over such transactions.

Binance is a key source of XRP sales statistics in this regard. Bitfinex, Bithumb, Bitstamp, HitBTC, Huobi Global, and OKEx were previously authorized to collect similar information from other exchanges where XRP sales were performed.

Adsence 300X250