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In the legal fight between Binance and the SEC, on March 25, a judge named Zia M. Faruqui told both sides to share how things are going with their investigation (they call this “expedited discovery”) by April 5. They must also give ideas on what to do next in this legal battle.

The SEC is doing a deep dive into Binance’s business, wanting to know everything from keeping track of people’s assets to ensuring everything’s above board. They’re putting the microscope on how Binance does its thing, especially looking at the software it uses for its digital wallets and how it handles its customers’ money.

Binance has handed over a mountain of paperwork. We’re talking 300,000 pages to show they’re following the rules. But Binance isn’t stopping there. They’ve said they’ll give even more information—stuff that isn’t top secret, including chats between their workers, to clarify things. This shows they have nothing to hide, especially with how they run things in the U.S.

In the middle of this drama is Changpeng Zhao, the man who started Binance. The SEC is interested in him and how he was running the show. It looks like Zhao and his team are trying to work with the SEC to address their worries. Earlier, the SEC had accused Binance of not cooperating with its investigation.

Amid the increased regulatory scrutiny, Binance has not stood still. They’ve moved to separate their massive $10 billion investment division, known as Binance Labs, from the main cryptocurrency exchange operations.

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Filed under: Bitcoin - @ March 26, 2024 3:10 am