Binance gets court-approved extension in SEC lawsuit response Binance gets court-approved extension in SEC lawsuit response
Court grants Binance entities additional time to respond to SEC orders.
1 min read
Updated: Sep. 27, 2023 at 7:50 am UTC
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In the ongoing lawsuit brought by the Securities and Exchange Commission (SEC), Binance was granted an extension to respond to court orders on Sept. 26.
The SEC filed suit in August against cryptocurrency exchange Binance Holdings Limited and its founder, Changpeng Zhao, along with two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc. The SEC alleges the companies sold digital asset securities without proper registration.
Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia approved a motion filed by BAM Trading and BAM Management for an extension to respond to two previous court orders.
The first order directed defendants to explain why certain documents related to the SEC’s motion to compel discovery should remain sealed or redacted, and the second required defendants to justify sealing documents connected to the SEC’s reply supporting its motion to compel.
BAM Trading and BAM Management now have until Sept. 27 to respond to the orders to show cause. The SEC did not oppose their request for an extended deadline.
Separately, BAM Trading and BAM Management filed an unopposed motion to postpone an Oct. 12 status conference in the case. The two companies are the sole defendants requesting more time to respond.
The SEC lawsuit remains ongoing as it relates to all defendants. The extension only applies to the two BAM entities owned by Binance.
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Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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BNB, or Binance Coin, is a cryptocurrency created by Binance.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
