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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/sec-binance-files-for-joint-motion-for-protective-order-concerning-confidential-information/">SEC &amp; Binance Files for Joint Motion for Protective Order Concerning Confidential Information</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The U.S. Securities and Exchange Commission (SEC) and Binance, one of the world’s leading cryptocurrency exchanges in trading volume, have agreed to <a href="https://www.docdroid.net/aMwxvBh/show-temp-1-pdf" rel="noopener noreferrer nofollow">file</a> confidential information under court seal. The news broke late yesterday as a joint motion was submitted by all parties involved.</p> 
<p>The SEC, along with Binance Holdings Limited, BAM Trading Services Inc, BAM Management US Holdings Inc, and CEO Changpeng ‘CZ’ Zhao, filed a <a href="https://coinpedia.org/news/binance-seeks-protection-against-secs-fishing-expedition/" rel="noopener noreferrer nofollow">protective order</a> to restrict access to potentially sensitive documents. As per the joint filing, these materials are categorized under two tiers: “CONFIDENTIAL” or “HIGHLY CONFIDENTIAL – ATTORNEYS’ EYES ONLY.”</p> 
<p>The protective order comes on the heels of a contentious legal struggle that has been unfolding since June 2023 when the SEC <a href="https://coinpedia.org/news/sec-files-sealed-motion-against-binance-exchange/" rel="noopener noreferrer nofollow">levied</a> 13 charges against Binance and its CEO Changpeng Zhao, including allegations of unregistered securities sales.</p> 
<h2 id="a-mysterious-trail-of-funds" data-name="a-mysterious-trail-of-funds" class="wp-block-heading"><strong>A Mysterious Trail of Funds</strong></h2> 
<p>This isn’t the first time Binance has found itself embroiled in a controversy involving significant financial transactions. Earlier this year, Reuters reported that Binance had transferred around <a href="https://coinpedia.org/news/binance-exchange-under-fire-explosive-allegations-and-heated-twitter-exchange-spark-industry-wide-debate/" rel="noopener noreferrer nofollow">$400 million</a> from its U.S.-based Silvergate Bank account to a trading firm called Merit Peak. Intriguingly, Merit Peak was registered under BAM Trading and has so far remained shrouded in mystery with no listed headquarters, website, or any apparent connection to CZ.</p> 
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   <p lang="en" dir="ltr">BREAKING: If the <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> resignations don’t make sense yet…SEC just filed a motion for Protective Order Concerning Confidential Information by BAM Trading and <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@cz_binance</a>. <br><br>Remember, Reuters reported in February that “Binance moved around $400 million in funds from Binance… <a href="https://t.co/jp1DztKkfu" rel="noopener noreferrer nofollow">https://t.co/jp1DztKkfu</a> <a href="https://t.co/1QTGF5XxXT" rel="noopener noreferrer nofollow">pic.twitter.com/1QTGF5XxXT</a></p>— Binance Risk Management (@binanceriskmgmt) <a href="https://twitter.com/binanceriskmgmt/status/1701306751767769268?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 11, 2023</a> 
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<h2 id="regulatory-crackdowns-the-new-norm" data-name="regulatory-crackdowns-the-new-norm" class="wp-block-heading"><strong>Regulatory Crackdowns: The New Norm?</strong></h2> 
<p>The recent legal battle between Binance and the SEC echoes a larger trend of intensified scrutiny on cryptocurrency service providers in the United States. Several other companies, like Coinbase and Kraken, have also faced lawsuits and investigations from federal regulators. Notably, <a href="https://coinpedia.org/news/kraken-exchange-agrees-to-end-us-crypto-staking-and-pay-30-million-fine-to-sec/" rel="noopener noreferrer nofollow">Kraken agreed to pay a $30 million</a> settlement fine following a probe by the SEC into its staking products.</p> 
<p>Yet, the regulatory commission is not without its critics. SEC Commissioner <a href="https://coinpedia.org/news/crypto-news-sec-commissioner-hester-pierce-calls-for-balanced-crypto-regulations/" rel="noopener noreferrer nofollow">Hester Peirce</a>, affectionately referred to as ‘Crypto Mom,’ emphasized the importance of avoiding overregulation by regulatory bodies and acknowledged the diverse applications of crypto beyond just financial transactions.</p> 
<p>The big question here is – what is Binance hiding within these sealed documents that require this level of legal confidentiality? The battle has begun and the stage is set for a legal showdown!</p>

SEC & Binance Files for Joint Motion for Protective Order Concerning Confidential Information

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