Lawyers representing the messenger behemothic Telegram have stated that a review of financial records requested past the United States Securities and Exchange Commission (SEC) will take five to 7 weeks to gear up.

In a Jan. ix court filing, the lawyers explained that they must clarify data protection laws in a number of foreign jurisdictions, profoundly lengthening the process.

The filing stated that to ensure Telegram'due south compliance with all foreign information privacy laws would require an analysis of approximately 4,600 transactions, involving effectually 770 entities and individuals.

A preliminary sample of roughly 10% of these entities implicated 12 foreign jurisdictions with which it had previous experience, and ii information technology had non however encountered in its prior work.

The required assay to perform this work on all 770 entities, along with the subsequent redactions needed to comply with the relevant data privacy laws, could take almost two months, it claimed.

No bank records, but Telegram must demonstrate compliance

Equally Cointelegraph reported, the courtroom this week denied the SEC's request to make Telegram reveal its financial records relating to how it spent the $i.7 billion raised in its 2022 initial coin offering (ICO).

Still, the court did rule that Telegram must show that these records comply with all of the relevant data privacy laws in foreign jurisdictions. This latest filing is only stating that this data will accept some time to set up.

The SEC start filed an emergency society confronting Telegram in October, claiming that the ICO constituted an unregistered securities sale.

Telegram founder Pavel Durov along with two of the business firm's employees were expected to give a deposition in the example earlier his calendar week.