Golden Finance reported that Zia Faruqui, a judge at the U.S. District Court for the District of Columbia, did not make any ruling on the SEC's request for evidence disclosure or Binance.US's objection at the hearing, but encouraged both parties to jointly handle various discovery requests.
The judge said Binance needed to provide more information about its current custody solution: “I think we need more than we have right now,” adding that he was “not very confident that BAM has full control over its assets.” “I need all of you to try to de-escalate the dispute, forget the past, and try to provide me with some of the issues that you think you can clarify,” Faruqui said.
The SEC previously asked Binance.US to provide certain information about customer assets, saying that the other party has not fulfilled its obligations so far. Meanwhile, Binance.US entities rejected the SEC's requests in unsealed court documents on Monday, saying that many of them were overly broad or burdensome.
The SEC and BAM agreed to hold a hearing on October 12 and to file a joint status report by October 10.
