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News

Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown

September 27, 2023 - Around 2 mins mins to read

Key Points:

  • The U.S. District Court approved an extension for Binance to respond to court orders in the ongoing Binance vs. SEC lawsuit.
  • The orders require Binance to explain why certain documents should remain sealed or redacted.
  • Binance, along with its founder, Changpeng Zhao, seeks to dismiss the lawsuit.
In the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), a recent development has granted the cryptocurrency exchange some additional time to respond to court orders.
Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown
Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown 2

Binance vs. SEC Lawsuit Approved by Court to Extend

Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia approved a motion filed by BAM Trading and BAM Management for an extension to address two prior court orders in the Binance vs. SEC lawsuit.

The first court order instructed the defendants to provide an explanation for why specific documents pertaining to the SEC’s motion to compel discovery should remain sealed or redacted. The second order required the defendants to justify the sealing of documents connected to the SEC’s response supporting its motion to compel.

Now, BAM Trading and BAM Management have until September 27th to respond to these orders to show cause. Importantly, the SEC did not oppose their request for an extended deadline.

Binance Pushes Back Against SEC Allegations

The Binance vs. SEC lawsuit, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc., allege that these entities sold digital asset securities without proper registration.

In response, Binance, Binance.US, and Changpeng Zhao have sought to dismiss the SEC lawsuit, arguing that the regulator has not “plausibly alleged” various securities-related violations. They also contend that the SEC is attempting to assert authority over digital assets without clear legislative backing from Congress. This legal battle continues to unfold, with further developments expected in the near future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

BAM Trading

Binance

Binance.US

CZ

SEC

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown

Key Points:

  • The U.S. District Court approved an extension for Binance to respond to court orders in the ongoing Binance vs. SEC lawsuit.
  • The orders require Binance to explain why certain documents should remain sealed or redacted.
  • Binance, along with its founder, Changpeng Zhao, seeks to dismiss the lawsuit.
In the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), a recent development has granted the cryptocurrency exchange some additional time to respond to court orders.
Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown
Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown 4

Binance vs. SEC Lawsuit Approved by Court to Extend

Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia approved a motion filed by BAM Trading and BAM Management for an extension to address two prior court orders in the Binance vs. SEC lawsuit.

The first court order instructed the defendants to provide an explanation for why specific documents pertaining to the SEC’s motion to compel discovery should remain sealed or redacted. The second order required the defendants to justify the sealing of documents connected to the SEC’s response supporting its motion to compel.

Now, BAM Trading and BAM Management have until September 27th to respond to these orders to show cause. Importantly, the SEC did not oppose their request for an extended deadline.

Binance Pushes Back Against SEC Allegations

The Binance vs. SEC lawsuit, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc., allege that these entities sold digital asset securities without proper registration.

In response, Binance, Binance.US, and Changpeng Zhao have sought to dismiss the SEC lawsuit, arguing that the regulator has not “plausibly alleged” various securities-related violations. They also contend that the SEC is attempting to assert authority over digital assets without clear legislative backing from Congress. This legal battle continues to unfold, with further developments expected in the near future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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