Binance’s SEC Battle Intensifies with Protective Order

In a significant development in the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission [SEC], a recent court document reveals that a protective order has been granted by the U.S. court. This order, greenlit by the court, pertains to the disclosure, dissemination, and utilization of materials associated with the litigation.

The approved order delineates that it will oversee the production, use, and disclosure of all information and materials provided by any party or non-party in response to discovery requests. This includes documents, interrogatory responses, admissions requests, deposition transcripts, and exhibits, collectively termed “discovery “material.”

As part of the process, the involved parties are required to meet and confer no later than 60 days before summary judgment briefs are due. They must then submit a joint proposal to the court outlining the use of protected material for summary judgment, trial, and any subsequent appeal. Any proposed modifications to the protective order should also be included in this submission.

Crucially, the order specifies categories under which confidential designation is permitted, encompassing nonpublic trade secrets, proprietary financial information, details about the ownership or control of non-public companies, and non-public customer information, such as customer identities.

Emphasizing that the confidentiality designation applies only to materials aligning precisely with the court’s stipulations, the order seeks to strike a delicate balance between the transparency demanded in legal proceedings and the safeguarding of sensitive information.

Binance Accuses SEC Of Regulatory Overreach

Binance, entangled in a legal dispute with the SEC, faces allegations of violating securities regulations. The SEC contends that the crypto trading firm offered the sale of unregistered securities and operated unlawfully within the United States. Binance’s CEO, Changpeng Zhao, took a bold stance, petitioning the court for the dismissal of the SEC’s lawsuit.

The legal confrontation also involves Binance Holdings’ U.S. subsidiary, jointly seeking the dismissal of the SEC’s allegations through a comprehensive 60-page petition filed on September 21 with the United States District Court. The petition centers around Binance’s argument that the SEC has failed to provide clear regulatory guidelines for the cryptocurrency sector while overstepping its jurisdiction.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.