<ul><li>Judge Zia Faruqui encouraged Binance.US and the SEC to work together on discovery requests, criticizing the SEC&#39;s broad information demands.</li><li>The judge set an October 10 deadline for a joint status report and a follow-up hearing for October 12.</li><li>Binance.US attorney Matthew Martens dismissed the SEC&#39;s &#34;foolishness of document requests,&#34; stating they have responded to every targeted request.</li></ul>During a pivotal hearing between Binance.US and the U.S. Securities and Exchange Commission (SEC), U.S. Magistrate Judge Zia Faruqui <a href="https://www.bloomberg.com/news/articles/2023-09-18/sec-fails-to-win-immediate-inspection-of-crypto-exchange-binance-us-software" rel="noopener noreferrer nofollow">encouraged</a> both parties to collaborate on discovery requests. The judge set a cooperative tone for the case, advising that they should &#34;work this out&#34; together rather than relying on court mandates. He also criticized the SEC for what he termed a &#34;fishing expedition,&#34; referring to the agency&#39;s broad and potentially unrelated information requests.Judge Faruqui also directed the SEC to be more specific in its information requests. He allowed for the deposition of certain shareholders to assess the safety of Binance.US&#39;s funds. Additionally, the judge indicated that Binance.US should provide more details about its relationship with its service provider, Ceffu. Expressing reservations about the parent company of Binance.US, BAM Trading, the judge noted that they &#34;need more&#34; information to fully understand their control over assets.While the court did not grant the SEC&#39;s immediate <a href="https://www.dropbox.com/scl/fi/zneuuh5fwltss6sxnog0l/Doc111.pdf" rel="noopener noreferrer nofollow">request for an inspection</a>, it did express concerns about Binance.US&#39;s control over its assets, suggesting that additional documentation is required. The SEC&#39;s concerns are rooted in the relationship between the custody platform Ceffu and Binance Holdings Limited, the global parent company.Read full article a<a href="https://cryptotale.org/judge-zia-faruqui-sets-cooperative-tone-in-binance-us-vs-sec-legal-battle/" rel="noopener noreferrer nofollow">t CryptoTale.</a>

Judge Zia Faruqui Sets Cooperative Tone in Binance.US vs. SEC Legal Battle

CryptoTale

Ďalšie články zverejnené 19. 9. 2023

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