The SEC and Binance, the worldwide cryptocurrency exchange, have taken a major legal maneuver in their continuing dispute.
According to court records, both parties have jointly requested a protective order.
This motion seeks to protect the privacy of the vast array of documents, responses to interrogatories, and deposition transcripts unearthed during the ongoing lawsuit.
Binance reportedly filed a court order against the Securities and Exchange Commission (SEC) as part of their legal proceedings, alleging that the regulatory agency was conducting a broad and unfocused investigation.
The protective order, approved by the SEC, Binance, and its CEO Changpeng Zhao, outlines the need to conceal sensitive information from public view.
As specified in the filed court document, this order requires both parties to preserve discovered evidence and materials, designating them as “Confidential” or “Highly Confidential – Attorneys Only.”
Consequently, any information classified as confidential or not intended for public disclosure must be regarded as protected material, with access restricted to the presiding judge, legal counsel, plaintiffs, defendants, and court-approved non-parties.
This is the most recent development in the SEC’s complaint against Binance and its CEO, initiated in June 2023 with 13 charges, including allegations of unregistered securities sales by Binance entities and Changpeng Zhao.
In a previous twist, both the SEC and Binance opposed a petition submitted by a third-party entity named “Eeon,” which sought to intervene in the litigation on behalf of customers.
This joint motion for a protective order highlights the continuing legal complexities surrounding this high-profile case.