No decision made in SEC and Binance.US lawsuit! In a recent hearing, Judge Zia Faruqui oversaw the initial proceedings of the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Binance US. The judge encouraged cooperation between Binance and the SEC while urging them to resolve their document-related disputes.

SEC requested specific customer asset information from Binance.US, yet BAM, Binance.US’s parent company, confirmed they hadn’t provided this data yet. Consequently, the SEC asked the court to review Binance.US due to non-compliance in sharing requested documents.

The judge declined the SEC’s request for direct oversight of Binance, emphasizing collaboration between the two parties. Additionally no decision made in SEC and Binance.US lawsuit.

During the court session, the SEC sought details on customer asset storage, encompassing crypto wallets and BAM’s general ledger, which oversees financial statements and emergency recovery policies.

In response, BAM committed to providing the general ledger on a mutually agreed-upon date. Furthermore, the SEC sought information about Ceffu, the entity they claimed was the “newly branded Binance entity” overseeing customer assets.

Finally, the regulatory body and BAM reached an agreement to conduct a hearing on December 12th and submit a joint status report by December 10th.

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SEC Lawsuit Against Binance US: Unregistered Securities and Legal Maneuvers

The SEC’s lawsuit against Binance.US, Binance, and CEO Changpeng Zhao, initiated in June, focuses on allegations of conducting unregistered securities operations and various irregularities, including wash sales. In response to these legal proceedings, Binance.US sought a protective order against the SEC in August. Notably, during this period, the SEC received partially concealed documents totaling 117 pages under docket no. 102.

These concealed documents include crucial internal Binance.US materials, correspondences, and submissions to the SEC court. Speculation links these records to an ongoing U.S. Justice Department investigation into Binance. Of particular importance is the memorandum addressing Binance.US’ adherence to the SEC’s information collection efforts, officially filed on September 14.

Furthermore, it’s vital to highlight that Faruqui’s ordered list did not cover the complete set of sealed documents. On September 11, BAM, the parent company of Binance.US, submitted a proposed order, along with the SEC’s opposing document and eight exhibits, all under seal and not referenced in the earlier order.

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