Binance and US SEC Joint Status Report
The U.S. Securities and Exchange Commission (SEC) and defendants Binance, Binance.US, and co-founder Changpeng ‘CZ’ Zhao have submitted a joint status report to the court, demonstrating their cooperation as per the June consent order.
Binance.US has informed the court that it continues to comply with document and deposition requests from the SEC. The parties have agreed to meet and discuss any disagreements regarding document discovery and depositions before the next status report is due on January 25, 2024.
The SEC is considering conducting a virtual inspection of Binance.US’s technology infrastructure, systems, and software. Binance.US has proposed an inspection on December 21 at 7 pm ET.
Previously, the court denied an immediate inspection of Binance.US systems and software, stating that the SEC needs to provide more specific requests and communicate with additional witnesses. Binance.US also opposed the increasing document discovery and deposition requests by the SEC.
Binance.US Hires Five Special Attorneys
Five attorneys named Sheehan H. Band, Levi Giovanetto, Daniel J. Davis, Christian Kemnitz, and David Luger have filed separate notices of appearance on behalf of BAM Management US Holdings and BAM Trading Services (Binance.US).
Last week, defendants Binance Holdings, Binance.US, and co-founder Changpeng ‘CZ’ Zhao requested Judge Amy Berman Jackson to dismiss the lawsuit with prejudice. They argue that the SEC’s claims are baseless regarding securities law violations in relation to listed cryptocurrencies and their products.
Hot Take: Defendants Cooperate with SEC in Binance Lawsuit
In the ongoing lawsuit between the SEC and defendants Binance, Binance.US, and CZ Zhao, the latest joint status report demonstrates the defendants’ full cooperation. Binance.US has been meeting the SEC’s document and deposition requests, while both parties aim to resolve any disagreements regarding discovery and depositions. The SEC is considering a virtual inspection of Binance.US’s technology infrastructure, and Binance.US has proposed a specific inspection date. Meanwhile, Binance.US has hired five special attorneys to represent its interests in the lawsuit. The defendants have also requested the dismissal of the lawsuit, claiming that the SEC’s claims lack merit. The next status report is expected on January 25, 2024.
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