NewsletterBreaking: Judge Faruqui Approves Joint Stipulation Filed By BinanceUS And US SEC
Magistrate Judge Faruqui has granted a ‘joint stipulation’ filed by crypto exchange BinanceUS, a US-based subsidiary of Binance, and the U.S. Securities and Exchange Commission (SEC). The joint stipulation came in response to the opposition to the motion for a protective order and motion to file confidential documents submitted by the U.S. SEC.
Magistrate Judge Grants Joint Stipulation by BinanceUS And US SEC
According to a filing with the court late September 5, Magistrate Judge Zia M. Faruqui signed an order on a joint stipulation agreed upon by plaintiff U.S. SEC and defendants BAM Trading Services and BAM Management US Holdings (BinanceUS). A stipulation is a formal legal agreement between opposing parties before a pending hearing or trial.
Both parties agreed that it’s in the best interest of efficiency and judicial economy to allow Binance.US to submit a reply in a single filing. Magistrate Judge Faruqui ordered Binance.US to submit its response to opposition to the motion for a protective order and motion to compel and for other relief single memorandum on September 11.
Biannce’s reply was actually due on September 5, but multiple exhibits and motions filed by the SEC on August 28 require more time for attorneys to prepare for a valid response. The U.S. SEC requested the court to file a sealed motion for documents under seal, which many speculated as bad news for Binance.
Meanwhile, Judge Amy Jackson approved the appearance of attorney Andrew Rhys Davies for BinanceUS amid a secret filing by the US SEC.
Secret Filing By US SEC Is A Motion to Compel
The latest court filing also hints at the contents of the SEC’s motion to file ‘document under seal’ that had many to brace for looming bad news.
The SEC filed an opposition to the motion for a protective order by Binance.US. Also, it includes 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, generally in discovery disputes.
Read More: Court Filing Hints At Contents Of US SEC’s Secret Filing In Binance Lawsuit
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