Breaking: US SEC To Inspect Binance.US Technical Infrastructure, Systems And Software
Plaintiff the U.S. Securities and Exchange Commission (SEC) and defendants Binance, Binance.US, and co-founder Changpeng ‘CZ’ Zhao submitted a joint status report to the court. The defendants have continued to produce documents and depositions, with a proposed inspection of Binance.US to happen next week.
Binance And US SEC Joint Status Report
The latest joint status report submitted to the court reveals complete cooperation by defendants Binance, Binance.US, and co-founder Changpeng ‘CZ’ Zhao as per the June consent order.
Binance.US informed the court about continuing to meet documents and depositions requests by the SEC. The parties agree to meet and confer, attempting to narrow any disagreements regarding document discovery and depositions before the next status report to the court. The SEC and Binance agree to submit the next status report on January 25, 2024.
The SEC is currently considering an inspection of Binance.US technology infrastructure, systems, and software virtually. Binance.US has proposed an inspection at 7 pm ET on December 21.
The court earlier denied an immediate inspection of Binance.US systems and software. Magistrate Judge Faruqui said the SEC needs to come up with more tailored requests and communicate with additional witnesses. BinanceUS also opposed rising documents discovery and deposition requests by the SEC.
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Binance.US Hires Five Special Attorneys
CoinGape reported that five attorneys Sheehan H. Band, Levi Giovanetto, Daniel J. Davis, Christian Kemnitz, and David Luger have filed separate notices of appearance with the court on behalf of BAM Management US Holdings and BAM Trading Services (Binance.US).
Last week, the defendants Binance Holdings, Binance.US, and co-founder Changpeng “CZ” Zhao requested Judge Amy Berman Jackson to dismiss the lawsuit with prejudice. They believe the SEC’s claims are irrational to securities law violations in response to listed crypto and its products.
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