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SEC’s Sealed Court Filing Raises Eyebrows for Potential Binance Setback
Enforcement | Aug 30, 2023
Image: Unsplash/Dayne Topkin
In a recent development that has the crypto community on edge, the U.S. Securities and Exchange Commission (SEC) has made a secretive court filing concerning Binance which has led to speculation and concern about what might be looming for the crypto giant.
With legal complexities arising in the crypto world, it's crucial to have experienced criminal appeal lawyers to navigate such challenges. Here's what we know according to Coindesk:
- The SEC submitted a sealed motion in its ongoing case against Binance. This motion allows the SEC to file sensitive or potentially confidential information without making its contents public.
- Accompanying this motion were over 35 exhibits, a declaration from Jennifer Farer, an SEC trial attorney, and a proposed order.
See: Binance.US Refutes SEC’s Wash Trading Allegations
- Binance, which already faces U.S. accusations of wrongdoing, has yet to comment on this development.
- John Reed Stark, a former SEC official, highlighted the rarity of such a move. He suggested two potential reasons for the SEC's action: either the SEC is trying to avoid interfering with a criminal investigation by the U.S. Department of Justice, or there are concerns about the safety of a witness or company.
- It's worth noting that the SEC had previously sued Binance in June, alleging violations of federal securities laws. The accusations revolved around Binance offering unregistered securities in the form of its BNB token and Binance USD (BUSD) stablecoin.
Stark emphasized the unusual nature of the SEC's recent action, stating that in his extensive experience with the SEC, he cannot recall ever seeking to file a motion or any other court document under seal.
What’s Up With The Secret U.S. SEC Motion Relating to Binance?
In the U.S. SEC/Binance litigation, the U.S. SEC has filed a sealed motion for leave to file documents under seal, according to an SEC court filing late yesterday. Filing a court document “under seal” allows… pic.twitter.com/cmx6gdh2so
— John Reed Stark (@JohnReedStark) August 29, 2023
This development has left many wondering about the implications for Binance and the broader cryptocurrency industry.
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