SEC Submits Closed Motion to Court in Case Against Binance

CFTC files lawsuit against Binance and Changpeng Zhao
CFTC files lawsuit against Binance and Changpeng Zhao

During the process SEC against Binance, the regulator filed a sealed motion containing 35 physical evidence, a statement from the agency’s trial lawyer, and a proposed order.

The commission did not want public disclosure of the data submitted to the court.

According to CoinDesk, observers saw this as a sign of “bad news” for the crypto exchange.
Former SEC lawyer John Reed Stark emphasizedthat the filing of court documents under the heading “secret” is a “rare step.” He confessed that he could not remember that in his 20 years of work in the agency’s law enforcement department, petitions were filed, sealed.

“It is in the interest of the public to know and understand how the department uses tax revenues. The SEC wants its messages to be heard clearly to prevent future securities abuses.” the expert pointed out.

The expert offered two explanations for such actions: the regulator is trying to avoid interfering with the criminal investigation of the US Department of Justice, or worried about not putting the witness or the company at risk.

Recall that on June 5, the SEC sued Binance and its head, Changpeng Zhao. The agency filed 13 charges, including the sale of unregistered securities.

The company responded by issuing a statement saying it was prepared to “resolutely defend itself”.

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