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SEC’s Sealed Court Filing Raises Eyebrows for Potential Binance Setback

Enforcement | Aug 30, 2023

Unsplash Dayne Topkin private - SEC's Sealed Court Filing Raises Eyebrows for Potential Binance Setback

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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.

This development has left many wondering about the implications for Binance and the broader cryptocurrency industry.


NCFA Jan 2018 resize - SEC's Sealed Court Filing Raises Eyebrows for Potential Binance SetbackThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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