What Vomes Next After ???

Binance, BinanceUS, Changpeng "CZ" Zhao have resolve all discovery and deposition disputes with US SEC. Is a settlement in the case next?

Although the U.S. SEC v. Binance Holdings litigation appears to be at a standstill, it is currently moving very quickly. The securities regulator US SEC has demanded discovery and depositions from the plaintiff SEC and the defendants Binance, Binance.US, and former CEO Changpeng "CZ" Zhao. The requests have nearly been fulfilled.

Discovery Problems Are Fixed by Binance and SEC

A joint status report was filed in court by the plaintiff, the U.S. Securities and Exchange Commission (SEC), and the defendants, BAM Management US Holdings, BAM Trading Services (Binance.US), Binance Holdings, and Changpeng Zhao. The parties concurred in the court filing that they have no matters requiring resolution.

Additionally, deposits from Binance and Binance.US have been finished. The SEC will look over the defendants' final filings to find any unresolved matters.

Changpeng "CZ" Zhao and the SEC are still meeting to talk about how to respond to the SEC's requests for documents. According to the joint status report, "the parties continue to meet and confer on outstanding issues and hope to resolve them without requiring Court intervention."

This indicates that the parties' disagreements over the consent order, which asked Binance for proof and divided wallets, systems, and teams with Binance.US, are mostly resolved. In response to the SEC's requests, Binance.US claims to have completed the final production of papers, having produced more discovery.

What’s Next for Binance

As reported by CoinGape earlier Binance vs SEC case is in the final stages of discovery and depositions. Binance even silently spin-off its $10 billion venture capital arm Binance Labs from crypto exchange business as part of the consent order by the court.

The SEC and Binance anticipating to hold the Rule 30(b)(6) deposition in the next four to six weeks. This will help quickly and efficiently identify relevant witnesses and documents to further clarify if Binance violated any laws and possible penalties.

The majority of the motions in the Coinbase case were won by the SEC, and the agency plans to use Judge Failla's decision in the Binance litigation. Furthermore, there are more charges in the Binance lawsuit than in the Coinbase case, and the SEC is probably hoping to settle with the defendants for hefty fines.