SEC And Binance Join Forces To Safeguard Evidence Confidentiality Amid Ongoing Lawsuit

Key Points:

• The SEC and Binance seek to keep lawsuit evidence confidential.
• The exchange accuses the SEC of a “fishing expedition” in the lawsuit.
• Protective order limits access to sensitive materials.

In a recent development, the U.S. Securities and Exchange Commission (SEC) and Binance, the global cryptocurrency exchange, have taken a significant step in their ongoing legal battle.

Court documents reveal that both parties have jointly filed a motion for a protective order. This motion seeks to maintain the confidentiality of evidence materials uncovered during the lawsuit, encompassing a wide range of documents, interrogatory responses, and deposition transcripts.

This move follows earlier reports suggesting that Binance had sought a court order against the SEC, accusing the regulatory agency of embarking on a “fishing expedition” as part of their legal proceedings.

The protective order, agreed upon by the SEC, Binance, and its CEO Changpeng Zhao, outlines the need to shield sensitive information from public view.

According to the filed court document, the order compels both parties to safeguard discovered evidence and materials, categorizing them as either “Confidential” or “Highly confidential – attorneys’ eyes only.”

As a result, any confidential or non-public information must be treated as protected materials, with restricted access granted solely to pertinent parties, including the judge, attorneys, plaintiffs, defendants, and court-approved non-parties.

This development is the latest in the SEC’s lawsuit against Binance and its CEO, which began in June 2023 with the SEC filing 13 charges, including allegations of unregistered securities sales against Binance entities and Changpeng Zhao.

In an earlier twist, both the SEC and Binance had united against a petition submitted by a third-party entity named “Eeon,” seeking intervention in the lawsuit on behalf of customers. This joint motion for a protective order reflects the ongoing legal intricacies surrounding this high-profile case.

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