1 year ago
SEC said successful a tribunal filing that Binance.US has produced lone 220 documents during the find process galore of which were “unintelligible screenshots and documents without dates oregon signatures.”
The United States Securities and Exchange Commission (SEC) has accused Binance.US of non-cooperation successful the ongoing probe against the crypto exchange, according to a tribunal filing dated Sept. 14.
The SEC successful its tribunal filing noted that Binance.US’s holding institution called BAM has produced lone 220 documents during the find process. Many of the submitted documents nether the Consent Order “consist of unintelligible screenshots and documents without dates oregon signatures.”
SEC added that BAM has refused to nutrient indispensable witnesses for deposition, alternatively agreeing lone to 4 depositions of witnesses it has unilaterally deemed due and said:
“It has responded to requests for applicable communications with broad objections and has refused to nutrient documents kept successful the mean people of its business, claiming those documents bash not exist, lone for the SEC to aboriginal person specified documents from different sources.”The SEC besides raised concerns implicit Binance.US's usage of Ceffu, wallet custody bundle provided by the planetary entity Binance Holdings Ltd. The SEC noted that BAM made inconsistent statements astir Ceffu’s and Binance’s engagement successful the wallet and lawsuit funds management.
SEC said that BAM archetypal claimed Ceffu was BAM’s wallet custody bundle and services supplier but aboriginal stated that Binance was BAM’s wallet custody bundle provider. The regulators raised interest that the crypto exchange's usage of Ceffu violates a anterior statement meant to forestall funds from being diverted abroad.
Related: Binance plans caller circular of layoffs amid accrued regulatory scrutiny
The SEC filed a lawsuit against Binance connected June 5, pressing 13 charges against the crypto speech including unregistered securities offerings, the Simple Earn and BNB Vault products, and its staking program. The SEC claimed that Binance.com, Binance.US, and BAM Trading should person registered arsenic clearing agencies, broker-dealers, and exchanges, respectively. The unregistered connection and merchantability of Binance.US' staking-as-a-service programme required BAM Trading to registry arsenic a broker-dealer arsenic well.
The latest accusations by the SEC against Binance.US travel amid an interior situation astatine the exchange. The Binance.US CEO Brian Shorder joined the agelong database of apical Binance executives leaving the steadfast this twelvemonth followed by the resignation of the caput of ineligible and the exchange’s main hazard officer wrong days.
Binance.US didn’t instantly respond to requests for comments.
Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.
Magazine: US and China effort to crush Binance, SBF’s $40M bribe claim: Asia Express
English (US) 