In the latest developments in the legal saga between the US Securities and Exchange Commission (SEC) and cryptocurrency exchange giant Binance, both parties, including Binance.US and co-founder Changpeng ‘CZ’ Zhao, have filed a joint status report with the court. . While the report points to ongoing collaboration on document production and storage, a proposal to examine Binance.US technology is also on the horizon.
Binance and Binance.US are under surveillance
The joint status report highlights the full cooperation of defendants Binance, Binance.US, and CZ Zhao in accordance with the terms set out in the June consent order. In particular, Binance.US is actively complying with the SEC’s requests for documents and testimony, signaling commitment to due process. The relevant parties expressed their intention to meet and discuss with the aim of resolving any disputes regarding document discovery and delivery. This collaborative approach aims to streamline legal proceedings and promote better communication between the SEC and listing entities. The next status report is scheduled for January 25, 2024.
Specifically, the SEC is considering conducting a virtual review of Binance.US technology infrastructure, systems and software. Binance.US suggested a specific review time on the evening of December 21. But that offer came after the court previously denied an emergency review and called on the SEC to amend its requests and interview additional witnesses.
The stock market defends itself
BinanceUS is actively defending its position, as evidenced by the hiring of five expert lawyers (Sheehan H. Band, Levi Giovanetto, Daniel J. Davis, Christian Kemnitz, and David Luger). These legal experts strengthened the defense team by filing separate appearance notices on behalf of BAM Management US Holdings and BAM Trading Services. In a recent move, defendants Binance Holdings, BinanceUS, and CZ Zhao formally requested Judge Amy Berman Jackson to dismiss the case in some form. They argue that the SEC’s allegations are unfounded and unreasonable in the context of securities law violations related to listed cryptocurrencies and their related products.
While the legal battle continues, the joint status report shows continued cooperation between Binance and the SEC. The proposed review and ongoing legal maneuvers will likely shape the course of this high-profile case, with the next status report expected to provide further insight into the case on January 25, 2024. The SEC’s allegations in terms of securities law violations in response to crypto and its products listed They believe it is illogical.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.