The U.S. SEC v. Binance Holdings lawsuit seems stuck, but the lawsuit is making great progress at the moment. The plaintiff SEC and defendants Binance, Binance.US and former CEO Changpeng “CZ” Zhao have almost completed discovery and deposition requirements requested by the securities regulator US SEC.
Binance and SEC Resolves Discovery Issues
Plaintiff U.S. Securities and Exchange Commission (SEC), defendants BAM Management US Holdings, BAM Trading Services (Binance.US), Binance Holdings, and Changpeng Zhao submitted a joint status report in the court. As per the court filing, the parties agreed that they do not have any issues for adjudication.
This signals the disputes between the parties, related to the consent order asking Binance for evidence and separating wallets, systems, and teams with Binance.US, are largely over. Binance.US has produced additional discovery and claims it is the final production of documents in response to the SEC’s requests.
Depositions from Binance and Binance.US are also completed. The SEC will review the final submissions by defendants to identify any hidden issues.
The SEC and Changpeng “CZ” Zhao are continuing to meet and discuss regarding response to the SEC’s document requests. “The parties continue to meet and confer on outstanding issues and hope to resolve them
without requiring Court intervention,” as per the joint status report.
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What’s Next for Binance
As reported by CoinGape earlier Binance vs SEC case is in the final stages of discovery and depositions. Binance even silently spin-off its $10 billion venture capital arm Binance Labs from crypto exchange business as part of the consent order by the court.
The SEC and Binance anticipating to hold the Rule 30(b)(6) deposition in the next four to six weeks. This will help quickly and efficiently identify relevant witnesses and documents to further clarify if Binance violated any laws and possible penalties.
The SEC won most of the motions in Coinbase case, and the regulator will try leveraging Judge Failla’s ruling in the Binance lawsuit. Moreover, the Binance lawsuit has more allegations than Coinbase case, with the SEC likely eying massive penalties from defendants in a settlement.
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