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The U.S. Securities and Exchange Commission (SEC) enforcement action likely taking a crucial turn as the SEC files a motion to file documents under seal in the U.S. SEC v. Binance, Binance.US, and Changpeng “CZ” Zhao lawsuit. The move comes after Binance.US seeks a protective order as the SEC exceeds the agreed-upon consent order.
US SEC to File Sealed Documents Against Binance
The U.S. SEC has filed a sealed motion for leave to file documents under seal, according to a court filing on August 28. ‘Filing under seal’ allows sensitive or confidential information to be filed with a court and keeps the matter off public record.
As per the filing, the document is only available to authorized persons. Along with the SEC motion, 37 supportive submissions including exhibit, declaration, and supplement are filed in the court. While details remain concealed, it has a declaration of SEC senior trial attorney Jennifer Farer and an exhibit filed by SEC attorney Matthew Scarlato.
The US SEC filed 13 charges against Binance, Binance.US, and CEO Changpeng “CZ” Zhao. The securities regulator is likely looking to intensify its action against the world’s largest crypto exchange and its U.S.-based entity for completely ignoring the earlier-agreed agreement.
In fact, the move comes after BinanceUS filed a motion for protective order. It argues that SEC is exceeding the agreed-upon consent order, requests the court for an order to preclude depositions of BinanceUS’ CEO and CFO, and rejects the SEC’s demands that have nothing to do with the case.
Meanwhile, Judge Amy Berman Jackson ordered Magistrate Judge Faruqui to mediate the dispute between BinanceUS and the SEC.
Read More: Binance Removes Cardano, MATIC, Pepe Coin, BTC & 35 Other Liquidity Pools, What It Means?
Binance Seeks Dismissal of Lawsuits
After Ripple’s partial victory and motion by Coinbase to dismiss the SEC lawsuit, Binance is also looking to dismiss the SEC lawsuit along with the CFTC lawsuit.
However, former SEC official John Reed Stark believes Binance will soon face a lawsuit by the US DOJ, which will most likely negate the dismissal narrative.
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