Magistrate Judge Urges Cooperation in SEC vs. Binance.US Case
In a recent development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Binance.US, Magistrate Judge Zia Faruqui has urged both parties to work together on the discovery process. While encouraging the SEC to narrow its request for information, the judge has allowed the agency to depose certain shard holders to determine the safety of Binance.US’s funds.
Binance.US, a subsidiary of the global Binance entity, has been asked to provide more details about its relationship with Ceffu, its service provider. The judge emphasized the importance of transparency and cooperation in order to move the case forward.
“The discovery process is crucial in uncovering the truth and ensuring a fair resolution,” said Magistrate Judge Faruqui. “Both parties must work together to provide the necessary information and establish the facts.”
The SEC has been investigating Binance.US for potential violations of securities laws. The agency has requested extensive information from the crypto exchange, seeking to understand its operations and ensure the safety of investors’ funds.
While the judge has urged the SEC to narrow its request, he has also recognized the need for the agency to depose certain shard holders. These depositions will help determine whether Binance.US’s funds are secure and whether any further action is required to protect investors.
In the interest of transparency and accountability, Magistrate Judge Faruqui has called on Binance.US to share more information about its relationship with Ceffu, its service provider. This additional information will help shed light on the nature of their partnership and any potential implications for the case.
Both parties now have the opportunity to collaborate and streamline the discovery process. By working together, they can ensure a fair and efficient resolution to the SEC vs. Binance.US case.
Quotes:
– “The discovery process is crucial in uncovering the truth and ensuring a fair resolution.” – Magistrate Judge Zia Faruqui
– “Both parties must work together to provide the necessary information and establish the facts.” – Magistrate Judge Zia Faruqui
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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