US SEC To Inspect Binance.US Technical Infrastructure, Systems, And Software

Plaintiff the U.S. Securities and Exchange Commission (SEC) and defendants Binance, Binance.US, and co-founder Changpeng ‘CZ’ Zhao submitted a joint status report to the court. The defendants have continued to produce documents and depositions, with a proposed inspection of Binance.US to happen next week.

Binance And US SEC Joint Status Report

The latest joint status report submitted to the court reveals complete cooperation by defendants Binance, Binance.US, and co-founder Changpeng ‘CZ’ Zhao as per the June consent order.

Binance.US informed the court about continuing to meet documents and depositions requests by the SEC. The parties agree to meet and confer, attempting to narrow any disagreements regarding document discovery and depositions before the next status report to the court. The SEC and Binance agree to submit the next status report on January 25, 2024.

The SEC is currently considering an inspection of Binance.US technology infrastructure, systems, and software virtually. Binance.US has proposed an inspection at 7 pm ET on December 21.

The court earlier denied an immediate inspection of Binance.US systems and software. Magistrate Judge Faruqui said the SEC needs to come up with more tailored requests and communicate with additional witnesses. BinanceUS also opposed rising documents discovery and deposition requests by the SEC.

Also Read: Terra Luna Classic Devs TCC And L1TF Releases Pay Per Job Implementation Plan

Binance.US Hires Five Special Attorneys

CoinGape reported that five attorneys Sheehan H. Band, Levi Giovanetto, Daniel J. Davis, Christian Kemnitz, and David Luger have filed separate notices of appearance with the court on behalf of BAM Management US Holdings and BAM Trading Services (Binance.US).

Last week, the defendants Binance Holdings, Binance.US, and co-founder Changpeng “CZ” Zhao requested Judge Amy Berman Jackson to dismiss the lawsuit with prejudice. They believe the SEC’s claims are irrational to securities law violations in response to listed crypto and its products.

Also Read: Coinbase to Appeal SEC’s Rulemaking Request Denial

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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