Crypto: Binance Granted an Extension to Respond to Court Orders

Thu 28 Sep 2023 ▪ 3 min of reading ▪ by Eddy S.
Crypto regulation

No, it’s not over yet! The ongoing dispute between Binance and the SEC seems far from reaching a resolution. However, it appears that BAM Trading and BAM Management, two entities of the crypto company, have been granted an extension to respond to court orders.

crypto binance sec

Binance vs. SEC: An Extension for a Stronger Counterattack?

The SEC isn’t finished with Binance just yet. Despite being the world’s largest crypto exchange platform, the regulator remains persistent. However, it seems that the company is genuinely testing the patience of the regulatory body. After going through all the phases, including wars and negotiations, the crypto exchange has now been granted an extension to respond to court orders.

It’s worth noting that since August, the Securities and Exchange Commission (SEC) has been in a legal battle with Binance Holdings Limited and Changpeng Zhao, often referred to as CZ. The complaint also extends to two US-based crypto company entities, BAM Trading and BAM Management.

As part of this legal battle, Judge Mr. Faruqui approved a request from the two entities on September 26 to respond to judicial inquiries. As a result, they now have until September 27 to justify their actions. Specifically, they must respond to two court orders.

First, they need to explain why they sealed documents related to the SEC’s request for discovery. Secondly, they must clarify why they sealed documents containing the regulator’s response, highlighting its allegations.

The lawsuit between the regulator and the exchange continues nonetheless

The court’s approval of the extension does not put the lawsuit on hold. Even though the SEC did not oppose their request, it does not mean that they are willing to let everything slide. Moreover, that wouldn’t be possible since the case involves all defendants, including Binance, Changpeng Zhao, and the two US entities, although only the latter two requested an extension.

Considering the regulator’s known tenacity, it’s safe to assume that they won’t back down easily. Their legal battle against Ripple serves as evidence. Taking into account CZ’s company’s significant market share in the crypto ecosystem, this situation is too important to be taken lightly.

Nevertheless, one must also question what the two Binance-owned companies have up their sleeves. If one thing is certain, it’s that CZ is a shrewd strategist, and nothing is done without careful consideration. What does this extension have in store, and what impact will it have on the crypto sector?”

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.


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