Binance.US Seeks Court Permission for Sealed Document Submission Amid SEC Legal Battle

• Binance.US moves to file sensitive documents under seal, maintaining they hold confidential data amidst the ongoing SEC lawsuit.
• CEO Changpeng “CZ” Zhao, along with Binance and its U.S. arm, is pushing for the dismissal of the SEC’s litigation.

Legal Maneuvers: Binance.US vs. US SEC

Binance.US, the American offshoot of the global crypto giant Binance, is in the spotlight as they pursue legal authorization to submit key documents under seal in relation to the prevailing SEC (U.S. Securities and Exchange Commission) lawsuit against Binance Holdings. This step has been instigated by the firm’s assertion that the SEC’s recent demands concerning document discovery and subsequent depositions border on being “unreasonable”.

For those unacquainted with the term, “filing under seal” is a legal procedure enabling entities to present information in court that might be deemed sensitive or confidential. In the context of Binance.US, such details could encompass financial records, account keys, and a myriad of other proprietary data, ensuring these details remain excluded from the public purview. It’s pivotal to understand the weight of this move: it’s not just about veiling data, but about safeguarding essential business metrics and intellectual property.

Deep diving into the intricacies of this recent court submission reveals that both BAM Management US Holdings and BAM Trading Services (officially known as Binance.US) have placed a motion to enable this sealed document submission. This filing, by its very nature, remains elusive and accessible solely to individuals with explicit authorization.

Embedded within this submission are several appendices, notably a declaration from attorney Matthew Beville, a duo of exhibits, and a draft order orchestrated by legal expert William McLucas.

Judicial Intervention: The Continuing Drama

The presiding Magistrate Judge Faruqui, as of now, hasn’t laid down any verdict. However, he has implored both participating factions to cultivate cooperation, especially concerning document discovery and depositions, and ardently work towards amicable dispute resolution. The Judge, remaining unconvinced by the recently submitted joint status report, has subsequently directed both the plaintiff and defendants to present another cohesive status report by October 30.

On its part, the SEC has contended that BAM has only unveiled around 382 documents and remains resolute in not revealing its stance on the submission of the remaining documentation, as previously delineated under a consent order. Conversely, Binance.US has voiced concerns over the SEC’s augmented requests post the September 18 hearing, deeming them excessive.

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