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Breaking: US SEC To Inspect Binance.US Technical Infrastructure, Systems And Software

US SEC is currently considering an inspection of Binance.US technology infrastructure, systems, and software virtually
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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.

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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.

Also Read: Terra Luna Classic Devs TCC And L1TF Releases Pay Per Job Implementation Plan

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Binance.US Hires Five Special Attorneys

CoinGape reported that five attorneys Sheehan H. BandLevi GiovanettoDaniel J. DavisChristian 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.

Also Read: Coinbase to Appeal SEC’s Rulemaking Request Denial

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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