The fight between Binance and the SEC in regard to this legal battle is still ongoing as court records show disputes about evidence production, and witness depositions among other issues.
On Jan. 25, the SEC requested additional information from BAM Trading Services, Inc., the parent corporation of Binance.US They suspect a ‘backdoor’ for controlling customer assets – similar to the FTX scandal.
BAM claims they have complied with document production requirements and demanded expedited discovery be considered complete.
Another controversial issue is that of the witness examination. The SEC seeks to depose BAM’s former CEO and CFO; the company, however, asserts that they have already provided sufficient witness testimony.
Moreover, the extent of the deposition for Binance co-founder Changpeng Zhao is also disputed by both sides on its timing and venue.
As Zhao resigned as CEO of Binance in November 2023, he is liable to face imprisonment for up to eighteen months and sentencing on February 23. The date for the next court status report is February 15th.