The US SEC (Securities and Exchange Commission) has asked for permission to open up and show everyone the secret papers in a lawsuit they have against Binance, BinanceUS, and their CEO, known as “CZ.” They want to make these private documents public.
The U.S. Securities and Exchange Commission, or SEC, wants to show some papers that were kept secret before. These papers were filed last month, and when people heard about them, they got worried (that’s what we mean by FUD) in the crypto world.
These secret documents were part of a legal case called “U.S. SEC v. Binance.” Around the same time, a lot of important people left Binance and Binance.US, and this made investors worried. It also affected how much people were trading on other crypto exchanges.
SEC and Binance Agree to Share Documents
Attorneys representing the U.S. Securities and Exchange Commission (SEC) made a request to open up previously sealed documents in the Binance lawsuit. This happened on September 15, as per court records.
Both the SEC and Binance, along with Binance.US, have given their approval to unseal many documents that the SEC filed last month. These documents include ones related to a “Motion to Compel and For Other Relief” and an “Opposition to Binance.US’ Motion for a Protective Order.”
However, the SEC also mentioned that they don’t object to keeping certain documents confidential if Binance.US (referred to as BAM) still wants them to be private.
The SEC believes that Binance.US filing sealed documents in response to the SEC’s request caused a significant delay in the case. Even though Binance.US submitted edited versions of related documents, experts have expressed concerns due to the case’s importance.
Binance and the SEC have suggested that some sealed documents should be made public, while others remain in a category called “Disputed Documents.”
Next Hearing in Binance.US and SEC Lawsuit
In the lawsuit between Binance.US and the SEC, a Magistrate Judge named Faruqui has scheduled the next hearing for September 18. During this hearing, the judge will listen to what the defendants (that’s Binance.US) have to say about their request for a protective order.
This protective order is a way to keep certain information private. The two companies requesting it are BAM Management US Holdings and BAM Trading Services, which are linked to Binance.US.
The judge will also hear what the SEC has to say about why they don’t want some documents to be made public and why they want to keep them sealed.
Changes at Binance and Binance.US
At the same time, there have been changes happening at Binance and Binance.US. Some top executives have already left, or they’re thinking about leaving. This is because of layoffs and a lot of attention from regulators who are looking closely at what these companies are doing.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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