In a filing on Dec. 8, the U.S. Securities and Exchange Commission (SEC) asked the court to take judicial note of the newly unsealed documents of Binance and its former CEO Changpeng Zhao‘s plea deals with other agencies.

The regulatory watchdog argues that Binance and CZ’s settlement agreements prove why its case should move forward. The SEC filing comes amid Binance and Zhao’s attempt to get the case dismissed. The SEC is asking the court to consider the admissions made by Binance and Zhao in its plea agreements with other agencies, including the Financial Crimes Enforcement Network (FinCEN) and the Department of Justice (DOJ).

According to John Reed Stark, former chief of the SEC’s enforcement division, the unsealed documents bolster the SEC’s lawsuit against Binance “exponentially.” Calling the unsealed documents a “treasure trove of fresh and comprehensive Binance-related inculpatory evidence,” Stark said that the SEC wants the court to accept the facts in the plea agreements as true, without formally presenting evidence. Stark added:

“Many of these Binance-related facts and admissions not only strengthen the SEC case but also reinforce the SEC’s arguments in opposition to the Binance’s current motion to dismiss the SEC action.”

For instance, in their motion to dismiss, CZ and the exchange argue that they did not get “fair notice” that they were violating regulations. However, in their DOJ plea agreements, CZ and the crypto exchange admitted to having “willfully” violated laws, which supports the SEC’s allegations.

Additionally, Binance and CZ admitted to having “intentionally sought and served” millions of customers in the U.S., with over 23% of its users located in the country, according to the plea agreement. These admissions further weaken Binance, CZ’s motion to dismiss, Stark said.

Binance agreed to unprecedented monitoring, unsealed documents show

The unsealed documents unveil that the exchange agreed to an unprec

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Author: Monika Ghosh

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