2 years ago
As markets, customers, and manufacture observers proceed to dissect the U.S. Securities and Exchange Commission’s (SEC) extended suit against cryptocurrency elephantine Binance and its affiliates, astonishing caller details are continually coming to light.
Among the unexpected revelations buried wrong the 136-page complaint is that Binance.US. had a important narration with Alameda Research done its over-the-counter trading desk.
This detail, tucked distant connected leafage 55, exposes a antecedently under-the-radar nexus betwixt 2 large entities successful the cryptocurrency world, adding different furniture of intrigue to the ineligible battle.
The SEC this week makes a azygous notation to Alameda Research connected leafage 55, stating the steadfast was often the lone counterparty for Binance.US’s OTC trades betwixt May 2020 and February 2022.
While this disclosure does not straight implicate Alameda Research oregon its CEO, Sam Bankman-Fried, successful immoderate wrongdoing successful respect to the Binance suit, its inclusion successful the ailment against Binance and its affiliate companies is improbable to beryllium accidental oregon immaterial.
The inclusion of Alameda Research successful the ailment is peculiarly notable fixed the firm’s existing ineligible troubles. Alameda, the sister institution of cryptocurrency speech FTX, has travel nether scrutiny successful caller months. Its CEO, Caroline Ellison, has already pleaded blameworthy to charges of conspiracy to perpetrate ligament fraud and securities fraud, among different offenses. Bankman-Fried is presently awaiting trial.
The SEC papers reveals that Binance.US’s OTC Desk saw implicit $654 cardinal successful trades successful 2021, serving chiefly organization traders for ample measurement crypto plus and fiat brace trades. The study besides details the engagement of Alameda Research arsenic a predominant counterparty for these trades done the platform’s OTC Desk.
Alameda Research’s inclusion successful the SEC’s ailment underscores the grade to which crypto companies and exchanges bash concern with 1 another. As authorities worldwide measurement up their oversight of integer plus markets, the manufacture is facing expanding unit to amended compliance with fiscal regulations.
The station Alameda Research was often the ‘only counterparty’ astatine Binance.US’ OTC Desk appeared archetypal connected CryptoSlate.
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