Binance.US Seeks Court Order to Protect Sensitive Documents Amid SEC Lawsuit
Binance.US Requests Court Order for Sealed Documents
In the midst of an ongoing Securities and Exchange Commission (SEC) lawsuit, Binance.US, also known as BAM Trading Services, has taken the initiative to request a court order to file sealed documents. The company, supported by BAM Management US Holdings and CEO Changpeng “CZ” Zhao, has made this request in an effort to safeguard sensitive information.
Sensitive Data at Stake
The sealed documents contain crucial data, including Binance.US’s financial records and account keys. Faced with the SEC’s heightened demands for document discovery and depositions since the September 18 hearing, Binance.US, Binance, and CEO Zhao perceive these requests as excessive and are seeking a dismissal of the case. The filing process is being handled by lawyers Matthew Beville and William McLucas.
Judge Urges Collaboration
On October 13, Magistrate Judge Faruqui expressed dissatisfaction with a joint status report from both the plaintiff and defendants. As a result, he has urged both parties to collaborate on document discovery and depositions. The parties are expected to provide an updated joint status report by October 30.
SEC Criticizes BAM’s Compliance
The SEC has criticized BAM for only producing around 382 documents under their consent order. The regulator’s ongoing lawsuit against the cryptocurrency exchange continues to unfold, with Binance.US taking measures to protect its sensitive data.
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