- The SEC has presented evidence against Binance U.S. for non-compliance.
- Several Binance officials’ departure has negatively impacted investor confidence and trading.
- The SEC and Binance have agreed to disclose significant documents.
The U.S. Securities and Exchange Commission (SEC) has recently presented evidence against Binance U.S. in the ongoing case, highlighting the exchange’s non-compliance with a previously agreed consent order. In a separate event, Binance U.S. has contended that the SEC’s requirements are unwarranted in an emergency injunction.
Last month, The United States SEC submitted confidential documents causing distress in the cryptocurrency market and has now submitted a “motion to unseal” to reveal their contents. Furthermore, the departure of several Binance and Binance U.S. officials following the protective order of the ongoing lawsuit has negatively impacted investor confidence and trading volumes.
Ongoing Legal Pursuit
On September 15, the United States Securities and Exchange Commission’s representatives submitted a request to either unseal or retract the SEC’s previous motion to seal documents in the lawsuit involving Binance.
The Securities and Exchange Commission (SEC) and the accused parties, Binance and Binance U.S., have agreed to disclose a significant amount of SEC documents from the previous month. The SEC has expressed apprehensions in several documents related to the enforcement request, stating that BAM Management and BAM Trading (Binance U.S.) are not complying with separating wallets, systems, and personnel from Binance.
In backing its demand for enforcement and in resistance to Binance U.S.’s application for a protective order, the SEC presented 31 exhibits. The latest submissions only contained details on 10 out of the 31 exhibits. Furthermore, the SEC asks the court to reject BAM’s plea for a protective injunction. Magistrate Judge Faruqui, on Wednesday, issued an order scheduling the subsequent hearing in the case for September 18.
