In the latest development of an ongoing Securities and Exchange Commission (SEC) lawsuit, Binance.US, also known as BAM Trading Services, has requested a court order to file sealed documents. The firm, backed by BAM Management US Holdings and its CEO Changpeng “CZ” Zhao, made the request.
The documents in question contain sensitive data including the company's financial record and account keys. Binance.US, alongside Binance and CEO Zhao, deems the SEC's escalated requests for document discovery and depositions following the September 18 hearing as excessive and is pushing for case dismissal. Lawyers Matthew Beville and William McLucas are handling the filing process.
On October 13, a joint status report from the plaintiff and defendants was deemed dissatisfactory by Magistrate Judge Faruqui. As a result, he urged both parties to collaborate on document discovery and depositions. The parties are due to provide an updated joint status report by October 30.
The SEC has criticized BAM for only producing about 382 documents under their consent order. The regulator's ongoing lawsuit against the cryptocurrency exchange continues to unfold with this latest move by Binance.US to protect its sensitive data.
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