![]() Although some files will remain confidential, the release of some documents could offer valuable insights into the case and perhaps alter its trajectory. The leader in news and information on cryptocurrency. The SEC's decision to unseal certain documents promises to shed more light on its ongoing legal action against Binance.US. Binance.US’ holding company, known as BAM, has provided only approximately 220 documents. It's worth noting that in August, Binance.US had sought a protective order against the SEC. The leader in news and information on cryptocurrency, digital assets and the future of money. The freeze would have no effect on the company’s larger global exchange, which is already prohibited from operating. 12, a day after the departure of CEO Brian Shroder and layoffs of a third of the staff. The SEC's lawsuit against Binance and its CEO, Changpeng Zhao, was filed in June and focused on allegations of operating an unregistered securities exchange and other violations. Binance.US oversees 2.2 billion in crypto holdings, according to the S.E.C. Binance US Has Been Given a Rhode Island Currency Transmitter License. Two top executives at Binance.US reportedly left the company Sept. The SEC, in turn, has a one-week window to reply to any objections raised. Parties with interests in maintaining the confidentiality of these documents, including Binance and other third parties, have seven days to argue against the unsealing. Documents submitted by BAM, the holding company for Binance.US, on September 11th, and other files marked confidential by the SEC will remain sealed and were not mentioned in Judge Faruqui's order. Binance.US is allegedly not cooperating with the SEC in an ongoing investigation. However, not all documents related to the case will be unsealed. Binance.US Chief Executive Officer Brian Shroder has left the crypto trading platform and been replaced on an iterim basis by Chief Legal Officer Norman Reed. One notable document is a memorandum submitted on September 14th detailing Binance.US's adherence to SEC discovery requirements. At that time, speculation was rife that the sealed materials could be linked to ongoing investigation by the US Justice Department.Īmong the papers slated for public disclosure are internal communications of Binance.US, including emails and legal filings. Key risk and legal executives are leaving Binance.US at the same time the crypto exchange is under intense pressure from regulators. The files, categorized under docket number 102, were submitted to the court on August 28th. ![]() The turn of events comes after the SEC initially asked for these materials to be sealed or redacted for undisclosed reasons. Binance.US is the crypto trading platform for US residents where you can buy, sell, and trade cryptocurrencies and alt coins with some of the lowest fees in the US.
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