Brad Garlinghouse's request to review #Binance transactions was granted.
In the ongoing lawsuit between #Ripple and therefore the #SEC, Brad Garlinghouse's request for a review of Binance transactions was granted. This step was taken to gather data on all #XRP sales made on Binance, the most important cryptocurrency exchange by trading volume. The Ripple team is trying to prove that the SEC doesn't have jurisdiction over XRP sales that happen outside the US.
💥Ripple CEO's Request Approved
Ripple CEO Brad Garlinghouse has requested an investigation of the records of XRP transactions on the Binance platform. The court gave a positive response to the present request. In Ripple's ongoing lawsuit with the Securities and Exchange Commission , presiding judge Sarah Netburn accepted Brad Garlinghouse's request to retrieve data from Binance.
Last week, the Ripple side submitted a proposal requesting data on XRP sales from Binance. The request was made by Ripple to gather data on all XRP sales made on the exchange.
While the court approved the request, this development was interpreted as a plus for Ripple. The court will now send a letter of claim to Binance on behalf of Garlinghouse. Although Binance responds to the request, access to data which will be used as evidence within the case are going to be provided.
💥Litigation Between Ripple and SEC
In a lawsuit filed in December 2020, the SEC claimed that Ripple and its executives made $1.3 billion in profits from the sale of unregistered securities over eight years. This claim was denied by Ripple. Also, the Ripple legal team argued that the SEC has not made its securities regulations any clearer.
By showing XRP sales that happened outside the US, the Ripple team plans to point out that the SEC has no authority over such sales. During this context, Binance think is that the most vital sources of knowledge associated with sales XRP.
Previously, data on Ripple's XRP sales were allowed to be viewed on several exchanges, including #Bitfinex, #Bithumb, #Bitstamp, #HitBTC, #Huobi Global, and #OKEx