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In a very remarkable twist, the Presiding Judge in the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Binance Exchange, Judge Zia Faruqui has granted the motion to unseal previously sealed documents in the legal case.
🚨NEW: The judge in the @SECGov vs. @binance case has granted the SEC’s motion to unseal previously sealed documents including “Motion to Compel and For Other Relief and Opposition to @BinanceUS’s Motion for a Protective Order”. 👇🏼https://t.co/LGcqaHWmai
— Eleanor Terrett (@EleanorTerrett) September 15, 2023
A Thoughtful Move?
While the timeline of this lawsuit may be short, it has notably generated a lot of intrigue that has kept the entire industry wondering what the next outcomes will be. Despite being the world’s largest crypto exchange, Binance has been accused by the market regulator of supporting the trading of unregistered crypto asset securities among other charges.
As the discovery process began, Binance had to file a motion for a Protective Order to dissuade the market regulator from accessing some of its business files and content. This move was strongly opposed by the SEC many believe had been staying on the conservative lane in order not to uncover documents that might jeopardize a probable investigation from the Department of Justice (DoJ).
With Judge Faruqui approving the SEC’s motion to unseal the said docs, it is opening a channel for a whole new discovery that might shake the market in the weeks to come. According to the Order, Binance will have the right to notify the court of any specific document it wishes to keep under seal, a notification that will be accompanied by statutory measures.
The markets regulator has recently claimed that Binance Exchange and its subsidiaries are co-defendants in the case and are not very cooperative in the investigative processes of the court. This ruling might change that narrative with immediate effect.
Binance vs SEC: a Precedent in View
The granting of a motion to unseal documents in the possession of Binance Exchange cannot be tagged a momentous victory for the regulator who has been on a major losing streak against crypto entities in recent times.
Just as Grayscale snatched a win against the SEC and Ripple in recent times, many are anticipating the kind of precedent that has been set by the other top firms operating in the nascent industry at this time.
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