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 <p class="is-style-lead">The SEC, Binance, and its CEO Changpeng Zhao agreed on a joint motion to file confidential information under seal.</p> 
 <p>On Sept. 11, a <a rel="noopener noreferrer nofollow" title="joint" href="https://thebittimes.com/tag/joint.html">joint</a> motion was submitted by parties in the U.S. Securities and Exchange Commission (SEC)’s <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> against Binance and Changpeng ‘CZ’ Zhao to request how certain documents or potential evidence would be handled during court proceedings.</p> 
 <p>The protective order filed by the SEC, Binance Holdings Limited, BAM Trading Services Inc, BAM Management US Holdings Inc, and Zhao holds all sides to keep discovery under seal.</p> 
 <p>This means that confidential or other non-public information must be filed as protected materials, and the <a rel="noopener noreferrer nofollow" title="order" href="https://thebittimes.com/tag/order.html">order</a> restricts access to such documents to parties like the judge, attorneys, plaintiffs, defendants, and court-approved non-parties.</p> 
 <p>These protected materials would be designated as either “CONFIDENTIAL or HIGHLY CONFIDENTIAL – ATTORNEYS’ EYES ONLY”, according to the joint filing.</p> 
 <h2 class="wp-block-heading" id="sec-vs-binance">SEC vs Binance</h2> 
 <p>The update is the latest filing in the SEC’s <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> against Binance and its chief executive officer. In June 2023, the commission filed 13 charges, including allegations of unregistered <a rel="noopener noreferrer nofollow" title="securities" href="https://thebittimes.com/tag/securities.html">securities</a> sales against Binance entities and CZ.&nbsp;</p> 
 <p>The Commodity Futures Trading Commission (CFTC) also sued CZ and Binance.US for allegedly offering illegal commodities trading products to U.S. investors.</p> 
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 <p>CZ and Binance denied any wrongdoings, opening the way for a lengthy litigation process involving top financial regulators in the U.S. and crypto’s top centralized trading venue by volume.</p> 
 <p>The tussle between Binance and these regulatory enforcers comes amid a crackdown on crypto service providers in America. Several firms, like crypto exchange rival Coinbase, were sued by the SEC for alleging breaking U.S. laws.</p> 
 <p>Trading platform Kraken also shuttered its staking products for American residents and agreed to pay a $30 million settlement fine after the SEC launched investigations into the company.</p> 
 <p>Despite multiple enforcement actions against crypto, regulators like SEC Commissioner Hester Peirce, also known as ‘crypto mom,’ have voiced dissent regarding the commission’s approach to the nascent digital asset industry.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-and-sec-file-joint-protective-order-in-securities-lawsuit-tbt62350.html">https://thebittimes.com/binance-and-sec-file-joint-protective-order-in-securities-lawsuit-tbt62350.html</a></p>

Binance and SEC file joint protective order in securities lawsuit

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