The post SEC Files Sealed Motion Against Binance Exchange appeared first on Coinpedia Fintech News
On August 29, reports emerged regarding a significant move by the US Securities and Exchange Commission (SEC) against Binance. The SEC’s action involves a sealed motion filed with the District Court of the District of Columbia, requesting permission to submit documents under seal.
The contents of this recent submission are confidential, and restricted to authorized individuals. Within this submission, a collection of 37 supporting documents is included, comprising exhibits, declarations, and supplements. Notably, a declaration from Jennifer Farer, the SEC’s senior trial attorney, accompanies an exhibit presented by SEC attorney Matthew Scarlato.
This development follows the SEC’s prior announcement of 13 charges directed at Binance, its US counterpart (Binance US), and CEO Changpeng “CZ” Zhao.
Binance and CEO CZ initially intended to contest the SEC lawsuit jointly with the Commodity Futures Trading Commission (CFTC). However, due to Binance US’s involvement in the SEC case, they have opted to segregate their wallets, hardware, and teams to address the matter effectively.
Recently, Binance took the step of filing a protective order against the SEC’s actions. Former SEC Chief John Reed Stark weighed in, highlighting a clash over information between the parties. Binance countered the SEC’s requests, deeming them excessive and burdensome, asserting that the provided information was necessary for customer safety. The SEC’s extensive interest in Binance’s operations has sparked concerns, with some viewing it as a “fishing expedition.”
Stark’s analysis of the situation suggests that Judge Jackson may likely require Binance to fulfill a substantial portion of the SEC’s requests, considering the broad standard for discovery and the high stakes for investors. He anticipates that while Binance may secure a few minor concessions in the process, these may be highlighted as significant victories by the company.
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