Binance.US Request Rescheduling Crucial Hearing in SEC Lawsuit
- 6 months ago
In a new development, Binance. U.S has asked the United States District Court for the District of Columbia to hold off on the scheduled hearing on the dismissal of the lawsuit by the U.S. Securities and Exchange Commission (SEC). Markedly, United States Judge Amy Burman Jackson had initially scheduled January 18, 2024, for a public hearing on a Motion to Dismiss (MTD) by Binance U.S. arm against the lawsuit levied against it by the SEC.
The parent company Binance and its CEO Changpeng ‘CZ’ Zhao fully supported the motion. In an unopposed motion, BAM Trading Services and BAM Management US Holdings (Binance.US) are now requesting that the court postpone the hearing to January 19th instead of the day before. Binance U.S explained that its lead counsel is unavailable for the said date.
SEC and Binance.US Agrees to New Date
Counsel for the SEC was immediately informed of the potential date change and the request was considered. Both parties have confirmed availability for January 19th and are willing to make the adjustments.
“The requested continuance is made in good faith, and will not cause any delay or prejudice. Furthermore, good cause exists for the requested continuance until January 19, 2024, because the continuance would resolve the scheduling conflicts described above,” per the filing.
U.S Regulator Case Against Binance
Notably, this legal battle between Binance and the U.S. SEC has been ongoing since June when the regulator accused the exchange of trading unregistered securities amongst other charges. Its U.S office and CEO were also caught in the web of the enforcement action. In the 136-page complaint, the SEC claimed that Binance.US failed to register its platform as a trading platform or broker-dealer clearing agency.
Next, the SEC moved to freeze the assets of Binance.US but the presiding Judge was quick to point both parties to the magistrate court where they could reach a compromise agreement to preserve consumer assets rather than shutting down the exchange.
Binance U.S Request Motion of Dismissal
In September, CZ, Binance, and Binance.US took the bold step to separately file for a motion of dismissal of the SEC lawsuit. Their arguments were based on the fact that the SEC overstepped its boundaries with the Binance enforcement action.
The hearing is billed to be a game-changer, especially for cryptocurrency exchanges and other digital asset-related companies that believe that it is not in the jurisdiction of the SEC to regulate the crypto sector.
The parent company Binance and its CEO Changpeng ‘CZ’ Zhao fully supported the motion. In an unopposed motion, BAM Trading Services and BAM Management US Holdings (Binance.US) are now requesting that the court postpone the hearing to January 19th instead of the day before. Binance U.S explained that its lead counsel is unavailable for the said date.
SEC and Binance.US Agrees to New Date
Counsel for the SEC was immediately informed of the potential date change and the request was considered. Both parties have confirmed availability for January 19th and are willing to make the adjustments.
“The requested continuance is made in good faith, and will not cause any delay or prejudice. Furthermore, good cause exists for the requested continuance until January 19, 2024, because the continuance would resolve the scheduling conflicts described above,” per the filing.
U.S Regulator Case Against Binance
Notably, this legal battle between Binance and the U.S. SEC has been ongoing since June when the regulator accused the exchange of trading unregistered securities amongst other charges. Its U.S office and CEO were also caught in the web of the enforcement action. In the 136-page complaint, the SEC claimed that Binance.US failed to register its platform as a trading platform or broker-dealer clearing agency.
Next, the SEC moved to freeze the assets of Binance.US but the presiding Judge was quick to point both parties to the magistrate court where they could reach a compromise agreement to preserve consumer assets rather than shutting down the exchange.
Binance U.S Request Motion of Dismissal
In September, CZ, Binance, and Binance.US took the bold step to separately file for a motion of dismissal of the SEC lawsuit. Their arguments were based on the fact that the SEC overstepped its boundaries with the Binance enforcement action.
The hearing is billed to be a game-changer, especially for cryptocurrency exchanges and other digital asset-related companies that believe that it is not in the jurisdiction of the SEC to regulate the crypto sector.