📰 Yello Paradisers!
The U.S. Securities and Exchange Commission (SEC) is tightening the screws on Binance US, accusing the crypto exchange of “lack of transparency” and “numerous discovery failures” in a recent court filing. Let’s break it down.
📰 The SEC’s Allegations
In a court filing dated Sept. 14, the SEC claimed that Binance US’s holding company, BAM, has produced only 220 documents during the discovery process. These documents include “unintelligible screenshots and documents without dates or signatures.” The SEC had initially filed a lawsuit against Binance on June 5, leveling 13 charges against the platform, including breaking U.S. securities laws and operating as an unregistered exchange.
📰 The Ceffu Controversy
The SEC has also raised concerns about customer assets falling under the control of Ceffu, a wallet custody software service owned by Binance Holdings Ltd. According to the SEC, these assets were supposed to be in BAM’s “complete control” in the United States. However, the SEC argues that Ceffu appears to have control over these assets, raising questions about their safety.
📰 Inconsistent Remarks and Blanket Objections
The SEC has called out BAM for inconsistent statements regarding Ceffu and for responding to its demands with “blanket objections.” The regulator also noted that BAM refused to produce documents that it claimed did not exist, only for the SEC to acquire them from other sources.
📰 Executive Exodus
This legal tussle comes at a time when Binance US is experiencing a wave of executive departures, including the recent resignations of the Chief Risk Officer and the Head of Legal.
📰 The Takeaway
The SEC’s accusations add another layer of complexity to Binance US’s ongoing legal challenges. As the regulatory landscape for crypto firms becomes increasingly stringent, this case serves as a cautionary tale for the industry.
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