Observers Await Unsealed Documents in SEC Case Against Binance
In the ongoing case between the United States Securities and Exchange Commission (SEC) and Binance, observers are eagerly awaiting the unsealing of previously inaccessible documents. These documents, which were sealed or redacted at the request of the SEC, are now being unsealed as per the SEC’s own request.
The order to unseal or remove redactions from the documents was issued by District of Columbia District Court Magistrate Judge Zia Faruqui on September 15. The order specifically lists 18 sealed documents and nine partially sealed or redacted documents. Binance and any nonparty claiming confidentiality regarding the SEC’s Motion to Compel will have the opportunity to argue against the unsealing for seven days, with the SEC having seven days to respond to these claims.
According to Adam Cochran, there seems to be a significant amount of evidence and testimony against Binance in the sealed documents. He tweeted, “Late night filing by SEC in Binance case mostly redacted and sealed but it looks like SEC fired back tons of evidence and testimony against some claim Binance has made. It’s a bit of a land slide compared to what we’ve seen so far.” This further raises anticipation for the unsealing of the documents.
The sealed documents, which were filed on August 28, gave rise to speculation that they were connected to a U.S. Justice Department investigation of Binance. Among the partially sealed documents, totaling 117 pages, are internal Binance.US documents, emails, and SEC court filings, including a memorandum on Binance.US’ compliance with SEC discovery efforts. These documents will shed light on the SEC’s claims against Binance.
It is important to note that the list in Faruqui’s order does not encompass all the sealed documents filed in the case. Some documents, such as a proposed order filed by BAM, the Binance.US holding company, on September 11, along with the SEC’s opposition document and eight exhibits, were filed as sealed but are not mentioned in the order. This suggests that there may be additional sealed documents yet to be revealed.
The SEC’s case against Binance, Binance.US, and CEO Changpeng Zhao was initiated in June and revolves around allegations of unregistered securities operations and other improprieties, including wash sales. Binance.US had previously requested a protective order against the SEC in August.
As the unsealed documents become available, they will provide valuable insights into the SEC’s case against Binance and its implications for the cryptocurrency industry.
“Late night filing by SEC in Binance case mostly redacted and sealed but it looks like SEC fired back tons of evidence and testimony against some claim Binance has made. It’s a bit of a land slide compared to what we’ve seen so far.” – Adam Cochran
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