SEC and Binance Submit Joint Status Report: Legal Progress and Latest Developments

The U.S. Securities and Exchange Commission (SEC) along with Binance, Binance.US, and co-founder Changpeng Zhao (CZ) provided a joint update to the court. The defendants have been actively cooperating by furnishing documents and attending depositions, and there’s a proposed examination of Binance.US set for the following week.

Binance and SEC’s Collaborative Court Report The recent court report jointly submitted highlights the complete cooperation of defendants Binance, Binance.US, and co-founder CZ, as mandated by the June consent order.

Binance.US communicated its ongoing compliance with the SEC’s document and deposition requests to the court. Both parties aim to resolve any disagreements on document discovery and depositions before the subsequent court report. They plan to present the next update to the court on January 25, 2024.

The SEC is contemplating a virtual inspection of Binance.US’ technological infrastructure, systems, and software. Binance.US has proposed an inspection scheduled for 7 pm ET on December 21.

Previously, the court denied an immediate inspection of Binance.US systems and software. Magistrate Judge Faruqui suggested that the SEC refine its requests and liaise with additional witnesses. Binance.US opposed the increasing requests for document discovery and depositions by the SEC. Binance.US Enlists Five Special Attorneys According to CoinGape, five attorneys—Sheehan H. Band, Levi Giovanetto, Daniel J. Davis, Christian Kemnitz, and David Luger—have separately filed notices of appearance on behalf of BAM Management US Holdings and BAM Trading Services (Binance.US).

Last week, defendants Binance Holdings, Binance.US, and co-founder Changpeng Zhao urged Judge Amy Berman Jackson for a dismissal of the lawsuit with prejudice. They argue that the SEC’s claims regarding securities law violations related to listed crypto and its products lack rationality.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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