In its action against Binance, the Securities and Exchange Commission late Monday filed a secret motion that contains more than 35 exhibits.
Some are speculating that Binance, the crypto exchange already accused of misconduct by the United States, is set to receive worse news in light of a recent confidential court filing.
The Securities and Exchange Commission filed a sealed motion on Monday in the court docket for its action against Binance, allowing it to file private or sensitive information without making it public.
More than 35 exhibits, a declaration from Jennifer Farer (a trial lawyer for the SEC), and a proposed order were all included in the request.
A request for comment from BilooTips was not immediately answered by a Binance official.
It's a "rare move," according to John Reed Stark, a former SEC employee who now owns a consulting business, to file court documents under seal. "After all, it's in the public interest to know and understand the SEC's use of U.S. tax dollars, and the U.S. SEC wants its messages heard loud and clear to deter future securities violations."
Stark proposed two explanations for the SEC's actions: either the SEC is concerned about endangering a witness or firm, or the SEC is attempting to avoid interfering with a criminal investigation being conducted by the U.S. Department of Justice.
In June, the SEC filed a lawsuit against Binance on the grounds that it had offered unregistered securities to the public in the form of its BNB token and Binance USD (BUSD) stablecoin.