Binance U.S has argued that the SEC’s demands are uncalled for in a restraining order.
Magistrate Judge Faruqui issued an order setting the next hearing for September 18.
The United States SEC recently submitted evidence against Binance U.S in the ongoing action, demonstrating the exchange’s failure to comply in compliance with a previously negotiated consent order. In a separate development, Binance U.S has argued that the SEC’s demands are uncalled for in an emergency restraining order.
After filing classified papers last month that prompted panic in the cryptocurrency market, the United States SEC has now filed a “motion to unseal” to divulge their contents. Also, with numerous Binance and Binance U.S. officials leaving in the wake of the ongoing lawsuit’s protective order, investor confidence and trading volumes have taken a hit.
Ongoing Legal Pursuit
Representatives for the United States SEC filed a move on 15 September to unseal or withdraw the SEC’s prior motion to lock up documents in the Binance lawsuit.
The SEC and the defendants Binance and Binance U.S. have reached an agreement to unseal a large number of SEC filings from last month. The SEC has voiced concern in various filings connected to the request to compel that BAM Management and BAM Trading (Binance U.S.) are not cooperating with the segregation of wallets, systems, and staff from Binance.
In support of its request to compel and in opposition to Binance U.S.’s move for protective order, the SEC submitted 31 exhibits. The most recent filings only included information on 10 of the 31 exhibits. Also, the SEC is requesting that the court deny BAM’s request for a protective injunction. On Wednesday, Magistrate Judge Faruqui issued an order setting the next hearing in the case for September 18.