Judge Faruqui Issues Order In Binance Vs US SEC Lawsuit

Magistrate Judge Faruqui on Wednesday signed a minute order in the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, Binance.US, and CEO “CZ”. The move comes as Binance and its subsidiary Binance.US filed a joint motion with the SEC for a protective order and opposition to the SEC’s motion to compel a discovery request.

Judge Announces Order in Binance Vs SEC Lawsuit

According to a court filing on September 13, Magistrate Judge Zia M. Faruqui has issued a minute order in the U.S. SEC v. Binance lawsuit. He scheduled the next hearing on Monday, September 18.

Magistrate Judge Faruqui will hear the arguments of defendants on the motion for a protective order by BAM Management US Holdings and BAM Trading Services (Binance.US). Also, the arguments made by the SEC regarding opposition to protective order and motion to file documents under seal.

Judge Amy Berman Jackson ordered Magistrate Judge Faruqui to mediate the dispute between BinanceUS and SEC regarding matters mentioned in the protective order. BinanceUS claims the SEC is exceeding the agreed-upon consent order, requests the court for an order to preclude depositions of BinanceUS’ CEO and CFO, and rejects the SEC’s demands that have nothing to do with the case.

On Monday, Binance Holdings and Binance.US along with the SEC filed a joint motion for a protective order concerning confidential details in the litigation. Binance.US also filed an opposition to the U.S. SEC regarding a motion to compel and for other relief.

Read More: XRP Lawyer Says Binance May Get A US DOJ Sealed Indictment

Is Binance.US in Trouble?

Brian Shroder, CEO of Binance’s US affiliate Binance.US has departed as the crypto exchange witnessed another round of job cuts. The exchange laid off a third of its workforce.

Moreover, the recent exit of a number of senior management employees has caused some to speculate that the exchange is in trouble. However, CEO CZ has denied the FUD and cleared that the exchange periodically reviews its team.

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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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