Binance and SEC’s Joint Status Report
In a joint status report submitted to the District Court of Columbia, the Securities and Exchange Commission (SEC) and defendants Binance Holdings, Binance.US, and CEO Changpeng “CZ” Zhao have provided updates on the ongoing lawsuit. However, the parties have failed to reach any conclusion on document discovery and depositions, despite the efforts of Magistrate Judge Zia Faruqui.
The SEC and Binance.US have confirmed a deposition scheduled for October 18, with more to follow throughout October and November. The SEC argues that Binance.US has only produced a limited number of documents and refuses to provide the remaining requested documents as per the consent order. Binance.US believes that the SEC’s requests since the September 18 hearing are unreasonable and inconsistent with the consent order.
Binance and CEO CZ’s Positions
The SEC has sent new requests for documents and depositions to Binance and CEO CZ. Both parties will meet to discuss these requests. Previously, Binance and CZ had requested the court to dismiss the lawsuit, claiming that the SEC was overreaching its authority.
A crucial hearing is scheduled for October 12, where further developments in the lawsuit are expected. The SEC and Binance have also requested that the court enter a protective order.
Hot Take: SEC and Binance Continue to Clash Over Lawsuit
The joint status report submitted by the SEC and Binance reveals ongoing disagreements regarding document discovery and depositions in their lawsuit. While some depositions have been scheduled, both parties have failed to reach an agreement on producing requested documents. The SEC argues that Binance.US has only provided a fraction of the required documents, while Binance.US believes that the SEC’s requests are unreasonable. The upcoming hearing on October 12 will likely provide further clarity on the progress of the lawsuit. As the legal battle continues, it remains to be seen how the court will resolve these issues between the SEC and Binance.
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