Binance gets court-approved extension in SEC lawsuit response

    2023.09.27 | exchangesranking | 1390onlookers

    In the ongoing lawsuit brought by the Securities and Exchange Commission (SEC), Binance was granted an extension to respond to court orders on Sept. 26.

    The SEC filed suit in August against cryptocurrency exchange Binance Holdings Limited and its founder, Changpeng Zhao, along with two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc. The SEC alleges the companies sold digital asset securities without proper registration.

    Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia approved a motion filed by BAM Trading and BAM Management for an extension to respond to two previous court orders.

    The first order directed defendants to explain why certain documents related to the SEC’s motion to compel discovery should remain sealed or redacted, and the second required defendants to justify sealing documents connected to the SEC’s reply supporting its motion to compel.

    BAM Trading and BAM Management now have until Sept. 27 to respond to the orders to show cause. The SEC did not oppose their request for an extended deadline.

    Separately, BAM Trading and BAM Management filed an unopposed motion to postpone an Oct. 12 status conference in the case. The two companies are the sole defendants requesting more time to respond.

    The SEC lawsuit remains ongoing as it relates to all defendants. The extension only applies to the two BAM entities owned by Binance.

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