Binance Vs US SEC: Binance.US Files Sealed Documents In Lawsuit
Binance’s US subsidiary, Binance.US, seeks a court order to file sealed documents amid the latest development in the U.S. SEC v. Binance Holdings lawsuit. The move comes after Binance.US claims the SEC’s latest requests regarding document discovery and depositions are “unreasonable”. Also, Binance, Binance.US, and CEO Changpeng “CZ” Zhao seek to dismiss the SEC lawsuit.
Binance US Filing Secret Documents With the Court
According to the latest court filing, BAM Management US Holdings and BAM Trading Services (Binance.US) filed a motion for leave to submit documents under seal. The filing is sealed and only available to authorized persons.
“Filing under seal” allows sensitive or confidential information, such as Binance.US’ financial record, account keys, and other details, to be filed with a court without, keeping the information off the public record.
The latest filing has attachments — a declaration of lawyer Matthew Beville, two exhibits, and a proposed order by lawyer William McLucas.
Read More: Binance US Loses Its FDIC-Insured Status, Halts All USD Withdrawals
Magistrate Judge Faruqui Keeps the Binance Vs SEC Lawsuit Moving
Magistrate Judge Faruqui hasn’t made a ruling and asked both parties to cooperate on document discovery and depositions, resolving disputes with each other. On October 13, he ordered the plaintiff and defendants to file a joint status report again on October 30, as he was not convinced with the latest joint status report.
The SEC argues BAM has only produced approximately 382 and refuses to provide its position on producing the remaining documents as requested by the agency under the consent order. Binance.US said the SEC has made more requests since the September 18 hearing, which are unreasonable.
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