Binance Allegations of SEC Misconduct Denied by US Judge
A US judge, Amy Berman Jackson, has denied a motion filed by Binance in an effort to stop the SEC from making public statements related to the SEC/Binance case. Despite Binance’s allegations that the SEC’s statements were misleading and could impact the case, Judge Jackson stated that the court cannot “wordsmith” press releases and emphasized the ethical obligations of both parties involved. While the judge did not intervene in the issue, the court did set a timeline for the early proceedings.
**Binance Questions SEC’s Statements**
Binance’s motion came after the SEC’s press release on June 21, where the regulatory agency reiterated its allegations of commingling of user funds by Binance’s leadership. The statements were made following an agreement between the two parties on the handling of Binance.US assets, which involved a freeze on the exchange’s assets to protect US customers. In response to the SEC’s press release, Binance accused the regulator of publishing misleading facts about the mishandling of customer funds by CEO Changpeng Zhao and the exchange. Binance’s motion sought orders against the SEC, specifically requesting that Judge Jackson order counsel to comply with ethical obligations and refrain from making misleading statements that could impact the court proceedings.
**Court’s Decision Not Favorable for Binance**
Legal experts have commented on the court’s decision, noting that it may not have been a beneficial move for Binance. John Reed Stark, a former chief at the SEC office of Internet Enforcement, described the filing as frivolous and more like marketing theater than a legal argument. Securities lawyer James “MetaLawMan” Murphy stated that while the judge’s order does not impact the merits of Binance’s case, it is not a favorable result for the exchange.
In terms of the timeline for the early proceedings, Binance will present its case on September 21, 2023, followed by the plaintiff’s legal arguments on November 7, 2023. Starting from December 12, the court will listen to replies.
Overall, the court’s decision denies Binance’s motion to stop the SEC from making public statements related to the case. While this ruling may not be what Binance hoped for, it is essential for all parties involved to adhere to their ethical obligations throughout the legal process.
In the latest development of the SEC/Binance case, a US judge has denied Binance’s motion alleging SEC misconduct. This decision highlights the importance of ethical obligations and maintaining transparency during legal proceedings. While this ruling may not be in Binance’s favor, it serves as a reminder that regulatory agencies and exchanges should adhere to their obligations and avoid making misleading statements. To stay up to date with the latest developments in the crypto world and regulatory matters, visit [Uber Crypto News](https://ubercryptonews.com) for the latest news and insights.