Judge Faruqui's Order in Binance vs. US SEC Lawsuit Delivered

Judge Issues Order in Binance vs SEC Lawsuit

A minute order was signed by Magistrate Judge Faruqui in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Binance, Binance.US, and CEO “CZ”. In response, Binance and its subsidiary filed a joint motion with the SEC, requesting a protective order and opposing the SEC’s motion for a discovery request.

Next Hearing Scheduled

According to court filings on September 13, Magistrate Judge Faruqui has set the next hearing for Monday, September 18. During this hearing, the judge will consider arguments from both sides regarding the protective order motion by BAM Management US Holdings and BAM Trading Services (Binance.US), as well as the SEC’s opposition to the protective order and motion to file documents under seal.

Mediation Ordered

Judge Amy Berman Jackson has instructed Magistrate Judge Faruqui to mediate the dispute between Binance.US and the SEC over matters mentioned in the protective order. Binance.US claims that the SEC is exceeding the agreed-upon consent order and requests an order to prevent depositions of its CEO and CFO. The company also rejects the SEC’s demands that are unrelated to the case.

Binance.US Faces Challenges

Brian Shroder, CEO of Binance’s US affiliate, Binance.US, has left his position as the crypto exchange experiences another round of job cuts. Approximately one-third of its workforce has been laid off. The departure of several senior management employees has led to speculation about the exchange’s stability. However, CEO CZ has denied these rumors, stating that the exchange regularly reviews its team.

Hot Take: Uncertainty Surrounds Binance’s Legal Battle

The ongoing legal battle between Binance and the SEC continues to unfold, with both sides presenting their arguments in court. The recent order by Magistrate Judge Faruqui signifies progress in the case, but it remains to be seen how the dispute will be resolved. Binance.US’s challenges, including job cuts and management departures, have added to the uncertainty surrounding the exchange. As the crypto community watches this high-profile lawsuit closely, it highlights the need for regulatory clarity in the industry.