- Binance’s legal battle with the SEC reaches a critical point with a hearing set for September 18, 2023.
- The hearing revolves around protective orders for sensitive documents requested by the company and its affiliates.
- Binance.US pushes back against the SEC’s actions, seeking protection for its top executives and challenging unrelated demands.
In the latest chapter of the ongoing legal showdown between cryptocurrency exchange giant Binance and the United States Securities and Exchange Commission (SEC), a significant development has emerged.
Magistrate Judge Zia M. Faruqui has set a crucial hearing date for two pivotal motions, marking another twist in this legal saga.
The Protection Order Motion 95 and Motion 102, which seek to compel and respond in additional support of The Defendants’ Request for a Protective Order, respectively, will be discussed during the hearing, which is planned for September 18, 2023, at 1:00 PM ET. BAM Management and BAM Trading Services have both filed motions.
This development follows a joint motion dated September 11, 2023, in which the SEC, Binance Holdings Limited, BAM Trading Services, BAM Management, and CEO Changpeng Zhao sought a protective order to restrict access to potentially sensitive documents.
Furthermore, Binance.US has raised concerns about the SEC exceeding the boundaries of an agreed-upon consent order. They are requesting the court preclude depositions of Binance.US’ CEO and CFO, while also pushing back against the SEC’s demands that appear unrelated to the core case.
Magistrate Judge Faruqui has been instructed by Judge Amy Berman Jackson to arbitrate the conflict between Binance.US and the SEC, especially with respect to matters stated in the protective order. This legal battle continues to evolve, with both sides vigorously defending their positions in this high-stakes clash.
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