- Binance and the US SEC jointly move for a protective order: Both parties aim to preserve confidential details within their ongoing litigation.
- SEC seeks more data from Binance.US: The filing indicates that the SEC is pushing for additional financial details, CEO and CFO depositions, and more from Binance.US.
Navigating the Tightrope: Crypto Regulation Meets Data Privacy in Joint Initiative
In a significant move, the U.S. Securities and Exchange Commission (SEC) alongside Binance Holdings and its U.S. counterpart, Binance.US, have collaboratively put forth a motion to implement a protective measure, safeguarding sensitive details intertwined within their litigation.
According to legal documents dated September 11, the entities are urging the presiding judge to endorse a protective order, designed to oversee the safekeeping and disclosure of particular confidential data throughout this legal encounter. As outlined,
“The Parties have converged on a proposed protective order, striving to strike a balance on how such sensitive data, among other parallel content, will be securely handled and unveiled during the litigation proceedings.”
It was earlier unveiled by CoinGape Media that the SEC’s move to file confidential documents revolves around a motion to compel. Essentially, such a motion prods the court to press an opposition party to furnish requested data, ensuring they adhere to discovery protocols.
Within this recent submission, both the SEC and Binance.US have concurred that materials procured during discovery – which can encapsulate financial specifics, proprietary company control data, cryptographic keys to company or client accounts, and unreleased business strategies – shall be treated with utmost confidentiality. This move seems to be a direct offshoot of the SEC’s push for Binance.US to share a financial analysis, coupled with high-level depositions and further insights, as delineated in a previously ratified consent order.
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Unraveling the Complexity of the Case Further adding layers to this multifaceted legal case, BAM Management US Holdings and BAM Trading Services, functioning under the moniker Binance.US, have submitted sealed dossiers to the court. These encompass the text of the proposed directive, a counter to the SEC’s quest for supplementary details from Binance.US, and an array of exhibits buttressing their position within this lawsuit.
Moreover, a subsidiary of Binance has issued its riposte to the non-motion documents by the SEC, contending a void in tangible evidence pointing towards infractions like the amalgamation of resources, dominion of Binance and its CEO CZ over its U.S. entity, or misdirection of client assets.
Reinforcing their stance, the defendants have concealed specific details and presented the same sealed exhibits, coupled with an official statement from Binance.US’s legal representative, Matthew Beville. Throughout this intricate legal dance, both Binance entities remain steadfast in rebutting the SEC’s litigation assertions.
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