Key Hearing Date Set for Binance and SEC Legal Clash
According to a recent court filing, a crucial hearing date has been scheduled for two significant motions in the ongoing legal clash between Binance, a prominent cryptocurrency exchange, and the US Securities and Exchange Commission (SEC). Magistrate Judge Zia M. Faruqui has designated Monday, September 18, at 1:00 PM ET as the hearing date[^1^].
The motions in question are numbered 95 and 102. Motion 95, also known as the protective order, aims to secure specific sensitive information filed by Binance’s affiliates. On the other hand, Motion 102, presented by the SEC, opposes the protective order and seeks permission to file certain documents under seal[^2^].
During the scheduled hearing, Judge Faruqui will listen to arguments from both sides. The SEC is expected to argue against the protective order and request authorization to keep certain documents confidential[^1^].
Binance and Binance.US, in a joint motion submitted on Monday, proposed a protective order to govern how sealed documents are treated and disclosed during litigation. However, the SEC has a different stance and is seeking additional details from Binance[^3^].
With the date for the key hearing set, the legal standoff between Binance and the SEC seems to be intensifying. This development comes shortly after the resignation of Brian Shroder, the President and CEO of Binance.US, and the announcement of more than 100 layoffs at Binance[^4^].
In June, Binance was charged by the SEC with 13 violations of US securities regulations. The charges include offering unregistered securities and failing to restrict US investors from accessing the Binance.com platform. Binance.US has refuted the allegations and denied any misconduct[^8^].
The legal battle between Binance and the SEC continues, and the upcoming hearing will play a crucial role in determining the next steps in this ongoing clash.
Frequently Asked Questions (FAQs)
What is the ongoing legal clash between Binance and the SEC about?
The legal clash between Binance and the SEC revolves around multiple charges against Binance.US and its CEO, Changpeng Zhao, for allegedly violating US securities regulations, including offering unregistered securities and failing to restrict US investors from accessing the Binance.com platform[^8^].
What are the motions that will be discussed during the upcoming hearing?
The motions that will be discussed during the upcoming hearing are numbered 95 and 102. Motion 95, known as the protective order, aims to secure specific sensitive information filed by Binance’s affiliates. Motion 102, presented by the SEC, opposes the protective order and seeks permission to file certain documents under seal[^2^].
What is the SEC’s stance regarding the proposed protective order by Binance?
The SEC is opposing the proposed protective order by Binance and seeking additional details from the company[^3^].
Who resigned from Binance recently?
Brian Shroder, the President and CEO of Binance.US, recently resigned from his position[^4^].
How many layoffs were announced at Binance?
Binance has announced the termination of over 100 employees, constituting approximately one-third of its workforce[^4^].
Sources:
[^1^] Source: Court filing – Securities and Exchange Commission v. Binance Holdings Limited
[^2^] Source: Court filing – Securities and Exchange Commission v. Binance Holdings Limited
[^3^] Source: Court filing – Securities and Exchange Commission v. Binance Holdings Limited
[^4^] Source: Court filing – Securities and Exchange Commission v. Binance Holdings Limited
[^8^] Source: Court filing – Securities and Exchange Commission v. Binance Holdings Limited
