SEC Vs Binance: Joint Status Report Reveals Ongoing Discovery Disputes

The post SEC Vs Binance: Joint Status Report Reveals Ongoing Discovery Disputes appeared first on Coinpedia Fintech News

In the ongoing legal battle of the Securities and Exchange Commission vs Binance Holdings Ltd. lawsuit, a joint status report was filed on January 25, 2024. The report outlines the current status of the case, focusing on discovery-related matters involving BAM Management US Holdings Inc., BAM Trading Services Inc., and Binance, the defendants collectively being termed as “BAM”. 

The report is divided into two parts as follows – 

BAM-Related Discovery

While counsel for Binance/BAM argues that it has fulfilled its obligations under the Consent Order, the SEC asserts that crucial aspects of discovery remain outstanding. Discrepancies in document production and the need for additional information are key points of contention.

BAM is being reviewed by the SEC due to production gaps. There are disputes over the scope of depositions and the SEC’s rights for more testimony.

A virtual presentation by BAM on January 23, 2024, aimed to address the SEC’s concerns. However, disputes regarding the scope of the inspection and logistics continue. BAM is considering providing information related to Part IV of the Consent Order, and discussions on this matter will continue.

Binance/Zhao-Related Discovery

Neither Binance nor Zhao has produced any documents since the last status report. 

Binance proposed a technical fact witness, raising disagreements over the deposition’s scope. Depositions of Zhao and other Binance witnesses are under consideration, with discussions ongoing.

Defendants plan to propose a protective order to address confidentiality concerns, with a draft expected to be sent to the SEC shortly.

What’s Next?

The defendants suggest submitting the next status report on February 15, 2024, with the SEC requesting a status hearing shortly after. The timing of a future status conference will be determined in conjunction with the February 15 status report.

For more updates and detailed information, stay tuned for the next February 15, 2024 status report.