A federal judge overseeing the civil case between the United States Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance, Binance.US and Binance CEO Changpeng Zhao has ordered a motion for a protective order to go to a magistrate judge.
In an Aug. 16 filing in the U.S. District Court for the District of Columbia, Judge Amy Berman Jackson said she would be referring a motion for a protective order against the SEC filed by lawyers for Binance.US to Magistrate Judge Zia Faruqui for a resolution. Binance.US’ legal team filed the motion on Aug. 14, claiming at the time the order was necessary to protect the firm from the SEC’s “fishing expedition” during discovery.
Prior to Jackson’s ruling, former SEC Internet Enforcement Chief John Reed Stark took to X (formerly Twitter) to speculate the matter would be referred to a magistrate judge ahead of any legal or public pushback from the commission. At the time of publication, the SEC had not filed any motions in response to Binance.US’ request.
“Though every case is different, in most large financial investigations and civil enforcement actions, the SEC’s request for documents, testimony, depositions, interrogatories, etc. typically ask for a bit too much information,” said Stark. “Along the same lines, the defendant typically asks for a bit too much by way of a protective order.”
What Will Likely Happen Regarding Binance’s Recent Motion for a Protective Order In The SEC/Binance Case
There’s clearly a discovery storm brewing between the SEC and Binance. Among other gripes, the U.S. arm of crypto exchange Binance Holdings is fighting an attempt by the U.S.… pic.twitter.com/LzTjsMeMWp
— John Reed Stark (@JohnReedStark) August 16, 2023
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Author: Turner Wright
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