The evidence the SEC has against Binance will soon be available to the general public.
The US Securities and Exchange Commission (SEC) is set to make previously sealed or redacted documents in its case against Binance publicly accessible.
In an order dated September 15th, Columbia District Court Magistrate Judge Zia Faruqui approved the SEC's petition to unseal or de-redact several documents. Specifically, the court's ruling lists 18 sealed and nine partially sealed or redacted documents.
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The turn of events comes after the SEC initially asked for these materials to be sealed or redacted for undisclosed reasons.
The files, categorized under docket number 102, were submitted to the court on August 28th. At that time, speculation was rife that the sealed materials could be linked to ongoing investigation by the US Justice Department.
Among the papers slated for public disclosure are internal communications of Binance.US, including emails and legal filings. One notable document is a memorandum submitted on September 14th detailing Binance.US's adherence to SEC discovery requirements.
However, not all documents related to the case will be unsealed. Documents submitted by BAM, the holding company for Binance.US, on September 11th, and other files marked confidential by the SEC will remain sealed and were not mentioned in Judge Faruqui's order.
Parties with interests in maintaining the confidentiality of these documents, including Binance and other third parties, have seven days to argue against the unsealing. The SEC, in turn, has a one-week window to reply to any objections raised.
The SEC's lawsuit against Binance and its CEO, Changpeng Zhao, was filed in June and focused on allegations of operating an unregistered securities exchange and other violations. It's worth noting that in August, Binance.US had sought a protective order against the SEC.
The SEC's decision to unseal certain documents promises to shed more light on its ongoing legal action against Binance.US. Although some files will remain confidential, the release of some documents could offer valuable insights into the case and perhaps alter its trajectory.