Binance vs SEC: Join Status Report Reveals Discovery Disputes

In the ongoing SEC versus Binance Holdings Ltd. legal saga, a joint status report emerged on January 25, 2024. This report delves into the current state of affairs, honing in on the intricacies involving BAM Management US Holdings Inc., BAM Trading Services Inc., and Binance collectively referred to as “BAM.”

The report is divided into two key segments, each presenting the perspectives of the parties involved. Read on for the details.

BAM’s Defense: Compliance or Complications?

Binance/BAM’s counsel contends they’ve met their obligations under the Consent Order. However, the SEC disputes this, pointing to unresolved issues in document production and the need for additional information.

BAM’s scrutiny by the SEC is due to gaps in production, sparking debates over deposition scopes and the SEC’s demand for additional testimony.

A virtual presentation by BAM on January 23, 2024, aimed to address SEC concerns. Yet, disputes persist over the inspection’s scope and logistical details. Discussions continue regarding BAM potentially providing information related to Part IV of the Consent Order.

Since the last report, neither Binance nor Zhao has produced any documents.

Read More: Binance in Hot Water? SEC Challenges “Confusing” Rules and Jurisdiction Oversight

Tensions are Rising…

Binance introduces a technical fact witness, sparking debates on the deposition’s scope. Deliberations are ongoing regarding deposing Zhao and other Binance witnesses, adding complexity to the situation.

To address confidentiality concerns, defendants plan to propose a protective order, with a draft expected shortly.

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

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What’s Next?

The defendants suggest submitting the next status report on February 15, 2024, with the SEC requesting a subsequent status hearing. The timing of the next status conference will align with the release of the February 15 report.

For those following the legal drama closely, mark your calendars for the February 15, 2024, status report. Stay tuned to Coinpedia for all the updates.