Order

Based

United

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
A few days ago, the U.S. arm of Binance exchange filed a protective order against the United States Securities and Exchange Commission (SEC) for its excessive encroachment in its bid to gather evidence in its charges against the firm. In a new twist, Judge Amy Berman Jackson <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.98.0.pdf" rel="noopener noreferrer nofollow">referred</a> the case to a magistrate court, which will be presided over by Judge Faruqui. 
Many industry experts <a href="https://u.today/binance-v-sec-veteran-presents-potential-outcome-in-latest-moves" rel="noopener noreferrer nofollow">indicated</a> earlier that this is likely the direction in which the protect order filing will go. The referral to a lower court is an attempt by Judge Jackson not to derail from the crux of the matter at hand. 
The SEC has <a href="https://u.today/binance-ceo-behind-something-extremely-sketchy-sec-confirms" rel="noopener noreferrer nofollow">accused</a> Binance of illegally serving U.S. customers while also supporting the trading of unregistered crypto securities. With more than 10 offenses levied against the trading platform, current indications show that Binance and its affiliates are unwilling to explore the option of settlement with the SEC and are thus ready to take the fight all the way. 
The case might seem complicated at this time considering the layer of complexity being added to the brawl by both parties. However, there is enough time for both Judge Jackson and Judge Faraqui to address the matter at hand. 
<h2 id="drawing-insights-from-related-cases">Drawing insights from related cases</h2> 
While Binance may be fighting the SEC alone as a company, the trading platform is <a href="https://u.today/binance-joins-ripple-in-sec-battle-as-major-exchange-goes-on-offensive" rel="noopener noreferrer nofollow">drawing deep insights</a> from other high-profile cases in the industry like that of Ripple Labs and the SEC as well as that of Coinbase and the market regulator. 
Since there is a great deal of intersection between the charges on both outfits, a win from one might translate to a win in the other, as the basis for such a win will be used as a precedent. Based on this, many consider the Ripple win through the positive XRP lawsuit as a big win for the broader digital currency ecosystem.

Binance v. SEC Protective Order Motion Set for New Venue

Table of Contents

U_Today

Other articles published on Aug 17, 2023

Donald Trump reportedly holds over $2.8m in crypto

Santiment: “Whales Collect These Four Altcoins As Bitcoin Drops!”

Bad Idea AI (BAD) Loses 35% in Few Hours: Rugpull or Healthy Correction?

Digital subsidiary Chicago stock exchange operator received CFTC approval to launch margin future...

Shiba Inu Shibarium Faces Technical Issues Just Hours After Launch

Canada’s Top University Initiates XRP Validator in Groundbreaking Collaboration with Ripple

Join our free newsletter for daily crypto updates!