The Final Showdown: Binance vs. SEC Legal Battle Nearing Conclusion

SEC Stands Firm: Binance Battle Rages On Despite DOJ's $4.3 Billion Settlement

The post The Final Showdown: Binance vs. SEC Legal Battle Nearing Conclusion appeared first on Coinpedia Fintech News

The legal battle between the U.S. Securities and Exchange Commission (SEC) and the cryptocurrency giant Binance is almost over. Both sides of this legal battle have had to find their way through a complicated web of legal requests, document files, and strategy depositions. Now with the latest developments, it appears the endgame is finally here.

There has been a series of demands by the SEC for Binance to hand over detailed information and documents. With this, the agency apparently wants to find out exactly how Binance operates, especially concerning its wallet software and the handling of customer assets. Binance responded by providing extensive details, including a huge 300,000 pages of documents, saying that it has fulfilled its obligation to disclose necessary information. Anything else isn’t necessary to the case.

The discovery process has been extremely thorough, with both sides learning a lot about how cryptocurrencies work on a technical level. Meanwhile, Binance has promised to give out more non-privileged information, such as conversations between Binance workers and those at Binance.US, the company’s U.S. branch.  The court plans to finish all discovery and deposition processes by April.

Looking for Resolution

Binance’s founder, Changpeng Zhao, is right at the center of everything. It seems like the SEC is asking him specific questions to try and make things simpler and maybe even cut down on how much more digging they need to do. Even though talking things out hasn’t been smooth, CZ has shown he’s ready to quickly deal with what the SEC is worried about. This might mean things are starting to get better between them.

But the SEC isn’t rushing to share its next move, keeping a tight grip on the details it’s gathering from Binance. They said they’re taking their time to look through everything Binance has handed over. The SEC keeps reminding everyone that their main job is to make sure the rules are followed and that everything’s clear and fair in the crypto market, all to keep American investors safe.

from Coinpedia Fintech News

Post a Comment

Previous Post Next Post