In an ongoing legal battle between BinanceU.S. and the U.S. SEC, Magistrate Judge Zia M. Faruqui has recently given his seal of approval to a joint stipulation filed together by BinanceUS and the U.S. Securities and Exchange Commission (SEC). This landmark decision comes in response to the SEC’s opposition to a motion for a protective order and a request to file confidential documents.
Magistrate Judge’s Decision on SEC-BinanceUS Joint Stipulation
Intriguingly, the joint stipulation was inked after a fascinating series of events. A court filing made late on September 5 revealed that Magistrate Judge Faruqui signed off a joint stipulation agreement reached between the suer, U.S. SEC, and the defendants, BAM Trading Services and BAM Management US Holdings (BinanceUS).
The term “stipulation” here refers to a formal legal pact often entered into by opposing parties before a forthcoming hearing or trial.
This unprecedented legal development carries with it a significant deadline, where Magistrate Judge Faruqui has mandated that Binance.US must submit its comprehensive reply, addressing the opposition to the motion for a protective order, the motion to compel, and various other requests, all within a single memorandum by September 11.
Notably, Binance’s original reply deadline was set for September 5, but due to the complexity introduced by multiple exhibits and motions filed by the SEC on August 28, additional time was deemed necessary for attorneys to craft a well-prepared response.
The SEC has also made a request for the court to file specific documents under seal, a move that has prompted speculation and raised eyebrows in the crypto community.
- The SEC’s Stealthy ‘Motion to Compel’ Move
The SEC’s opposition, a central element of this unfolding narrative, not only contests the motion for a protective order but also includes a motion to compel and additional relief requests.
A motion to compel is a pivotal legal maneuver, often deployed in discovery disputes, where a party requests the court to enforce information retrieval from an opposing entity.With the deadline for BinanceUS to respond approaching, all eyes are on the potential revelations and repercussions of this unprecedented partnership.
