Binance.US Aims to Secure Sensitive Documents in Response to SEC Lawsuit

In a recent update concerning the ongoing lawsuit by the Securities and Exchange Commission (SEC), Binance.US, also recognized as BAM Trading Services, has filed a request for a court order to submit certain documents under seal. This request comes from the company, which is supported by BAM Management US Holdings and its CEO, Changpeng “CZ” Zhao.

The documents in question consist of sensitive information, including the company’s financial records and account keys. Binance.US argues that the SEC’s recent demands for document production and depositions, following a hearing on September 18, are excessive, and they are seeking a dismissal of the case. Attorneys Matthew Beville and William McLucas are leading the filing process for the company.

On October 13, Magistrate Judge Faruqui found a joint status report submitted by both the plaintiff and the defendants to be unsatisfactory. Consequently, he urged both parties to work together on the discovery of documents and depositions. An updated joint status report is expected by October 30.

The SEC has expressed criticism towards BAM for only providing approximately 382 documents under their consent order. The legal proceedings against the cryptocurrency exchange continue to evolve as Binance.US takes measures to safeguard its sensitive information.