{"id":84260,"date":"2023-11-14T03:16:36","date_gmt":"2023-11-14T08:16:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/court-issues-protective-order-in-sec-binance-lawsuit\/"},"modified":"2023-11-14T03:16:38","modified_gmt":"2023-11-14T08:16:38","slug":"court-issues-protective-order-in-sec-binance-lawsuit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84260","title":{"rendered":"Court Issues Protective Order in SEC-Binance Lawsuit"},"content":{"rendered":"<div>\n<figure id=\"attachment_130777\" aria-describedby=\"caption-attachment-130777\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-130777\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>US Court has approved a protective order that will govern the production, use, and disclosure of all information and materials produced by any party in the ongoing SEC\u2019s lawsuit against Binance entities and CEO Changpeng Zhao.<\/p>\n<p>Earlier, the US SEC and Binance had jointly moved for the entry a protective order to govern the treatment and disclosure of certain confidential information produced in the ongoing lawsuit.<\/p>\n<h2>Court Issues Protective Order to Govern Material Disclosure<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>As per the court order, any party may designate discovery material as confidential that the party reasonably believes is confidential information because it falls into at least one of the categories described by the court.<\/p>\n<p>Some of those categories include:<\/p>\n<ul>\n<li>Nonpublic trade secret, proprietary information, and financial information, including profitability reports or estimates, percentage fees, design fees, royalty rates, minimum guarantee payments, sales reports, and sales margins.<\/li>\n<li>Non public material relating to ownership or control of any non-public company and non public customer information including the identities of customers.<\/li>\n<\/ul>\n<p>However, the order further noted that parties recognize that designations of confidential shall not apply to all documents and information produced in discovery, and the designation will be applied to only Discovery Material that specifically qualifies as set by the court\u2019s order.<\/p>\n<h2>Binance Looked to Protect Itself From SEC\u2019s \u201cFishing Expedition\u201d<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Earlier, Binance.US sought a protective order against the SEC, alleging that the regulatory body engaged in an unwarranted \u201cfishing expedition\u201d through its extensive discovery demands. The crypto exchange giant claimed that the SEC\u2019s discovery requests were excessively broad and unreasonable.<\/p>\n<p>Specifically, the requests aimed to obtain \u201cevery single document in [Binance\u2019s] possession related to customer assets.\u201d<\/p>\n<p>At the time Binance said that the SEC\u2019s interpretation of the Consent Order appeared to grant it unrestricted authority to investigate all facets of Binance.US\u2019s asset custody practices without any apparent limitations.<\/p>\n<p>The initial June order had originally permitted the exploration of Binance\u2019s asset custody, security protocols, and the availability of customer assets.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/court-issues-protective-order-in-sec-binance-lawsuit.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay US Court has approved a protective order that will govern the production, use, and disclosure of all information and materials produced by any party in the ongoing SEC\u2019s lawsuit against Binance entities and CEO Changpeng Zhao. Earlier, the US SEC and Binance had jointly moved for the entry a protective order to govern [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Court Issues Protective Order in SEC-Binance Lawsuit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay US Court has approved a protective order that will govern the production, use, and disclosure of all information and materials produced by\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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