The U.S. Securities and Exchange Commission (SEC) has asked a federal court to unseal documents related to a legal case against crypto exchange Binance US.
The SEC first filed its case against Binance US back in June, alleging the exchange had allowed U.S. customers to trade securities without registering with the SEC or any state regulator. The regulator also alleged that Binance had provided customers with unregistered securities advice without a license.
Earlier this week, the SEC filed its motion to unseal the documents, which were initially sealed on grounds of protecting trade secrets that had yet to be made public. The SEC argued that since some of the documents were likely to become public in the course of the proceedings, they are no longer necessary to be kept secret.
The documents set to be unsealed include those related to Binance’s customer onboarding and monitoring, as well as documents laying out detailed descriptions of Binance’s AML practices and those related to the exchange’s risk assessments. The court is expected to make a ruling in the near future.
If the court accepts the SEC’s motion to unseal the documents, this could provide some clarity into the allegations and the extent of the violations the SEC is accusing Binance of committing.