US SEC Files ‘Motion to Unseal,’ Says Binance Is Not Co-operating With Information
The post US SEC Files ‘Motion to Unseal,’ Says Binance Is Not Co-operating With Information appeared first on Coinpedia Fintech News
The United States Securities and Exchange Commission (SEC) has presented evidence against Binance U.S. in an ongoing case, showing the exchange’s failure to comply with a previously agreed-upon consent order.
In another development, Binance U.S. has contested the SEC’s demands in an emergency restraining order, stating they are unnecessary. Furthermore, the SEC has filed a “motion to unseal†classified documents filed last month. The regulatory agency has submitted a memorandum to support its motion, urging the exchange to take specific actions.
On September 15, the SEC made a move to unseal its previous motion to restrict access to documents in the Binance lawsuit. Both the SEC and the defendants, Binance and Binance U.S., have agreed to reveal several SEC filings from the previous month. The SEC expressed concerns in various filings regarding the request to compel, alleging that BAM Management and BAM Trading (Binance U.S.) are not cooperating with the separation of wallets, systems, and staff from Binance.
The filing read, “BAM has produced only approximately 220 documents, many of which relate to reporting otherwise required under the Consent Order, and many that consist of unintelligible screenshots and documents without dates or signatures.â€
The SEC submitted 31 exhibits to support its request and challenge Binance U.S.’s protective order. However, the latest filings included details for only 10 of these exhibits. Additionally, the SEC is asking the court to reject BAM’s request for a protective injunction. The next hearing is scheduled for September 18.
In March 2023, the CFTC sued Binance for selling futures and options to US traders without proper registration. In June 2023, the SEC charged Binance and its founder, Changpeng Zhao, for operating unregistered exchanges, offering unregistered securities, and making false statements about trading controls on the Binance.US platform.
