Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown
Binance and the U.S. Securities and Exchange Commission (SEC), a recent development has granted the cryptocurrency exchange some additional time to respond to court orders. The first court order instructed the defendants to provide an explanation for why specific documents pertaining to the SEC’s motion to compel discovery should remain sealed or redacted. The second order required the defendants to justify the sealing of documents connected to the SEC’s response supporting its motion to compel.
Now, BAM Trading and BAM Management have until September 27th to respond to these orders to show cause. Importantly, the SEC did not oppose their request for an extended deadline. In response, Binance, Binance.US, and Changpeng Zhao have sought to dismiss the SEC lawsuit, arguing that the regulator has not “plausibly alleged” various securities-related violations. They also contend that the SEC is attempting to assert authority over digital assets without clear legislative backing from Congress. This legal battle continues to unfold, with further developments expected in the near future. The Binance vs. SEC lawsuit, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc.
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