Binance Files Opposition And Joint Motion With US SEC: Details

Binance Files Opposition And Joint Motion With US SEC: Details

Attorneys for the plaintiff the U.S. Securities and Exchange Commission (SEC) and defendants Binance Holdings and Binance.US filed a joint motion for a protective order concerning confidential details in the litigation. In addition, Binance.US has filed sealed documents for the proposed order and opposition to the U.S. SEC regarding a motion to compel and for other relief.

According to a filing in the court on September 11, both parties seek a protective order from the judge to “govern the treatment and disclosure of certain confidential information during the course of this litigation.”

“The Parties have agreed to a proposed protective order that limits how such information, as well as how other similarly sensitive information will be protected and disclosed during the course of this litigation.”

CoinGape Media first reported that the contents of the SEC’s motion for filing secret documents are a motion to compel and for other relief. A motion to compel asks the court to enforce a request for information from an opposing party, complying with discovery requests.

In the latest filing, both the SEC and Binance.US agree that discovery material will remain confidential. Discovery material can include financial information, ownership or control of any company, private keys to company or customer accounts, and nonpublic business plans.

This seems to be related to the SEC compelling Binance.US to submit a financial report, depositions of BinanceUS’ CEO and CFO, and other details as per an earlier agreed-upon consent order.

Binance Files Opposition To SEC and Redacted Documents

BAM Management US Holdings and BAM Trading Services (Binance.US) filed sealed documents with the court. It includes text of the proposed order, opposition to the SEC seeking additional details from Binance.US, and eight exhibits supporting its stance in the lawsuit.

In addition, Binance’s subsidiary filed its response to non-motion documents by the U.S. SEC claiming that there’s no evidence of wrongdoings such as commingling of funds, control of Binance and CEO CZ over Binance.US, or diverting customer assets.

Defendants have redacted and filed the same sealed exhibits, as well as a declaration from Binance.US attorney Matthew Beville. Binance and Binance.US continue to oppose the SEC’s arguments in the lawsuit.

Also Read:

✓ Share:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!