The Binance US Protective Order that was filed against SEC has been moved to be reviewed for further action by a magistrate judge. Get to see the full details of the case below
Binance.US vs Changpeng Zhao
Judge Amy Jackson saw it relevant to refer the case to Magistrate Judge Faruqui for further review. John Reed Stark had come up with the speculations just before the case had occurred. Let us take a look at what he had to say below.
John Reed And The Predictions Concerning The Case
BAM Trading Services and BAM Management US Holdings filed for a protective order motion which is now in a different courtroom. Reed mentioned this before and he strongly believes that further review by the magistrate will be better for the SEC. The magistrate may equally choose to leave out requests that seem repetitive.
The protective order is to protect four employees from BAM Trading Services from being deposed as well as letting go of the deposition with their CEO.
Binance And SEC
Gary Gensler had earlier mentioned that if any case regarding cryptocurrency was to be taken to court, it would lead to the loss of innovation and many people would become skeptical of investing in the token.
Also Read: Gary Gensler Stands High Chances Of Losing His Job In 2024: John Reed Speaks
Binance now wants to pull out of the lawsuit it has against the SEC. The Binance US co-defendant has revealed that the chances of dropping the case are quite minimal. This has pushed Binance and Binance US to separate their inventory such as the teams and wallets.