Binance US Faces Delays in Submitting Accounting Statements
Accounting Complexities
– Binance US requested an extension to submit accounting statements in response to the SEC lawsuit.
– The exchange cited complexities as the reason for the delay.
– BAM Management US Holdings Inc. had a Consent Order to submit accounting within 45 days, but could not meet the original deadline due to the large volume of information required.
– Binance US is working to complete the task.
Extension Granted
– Judge Amy Berman Jackson granted an extension for Binance US to submit accounting statements.
– The new deadline for submission was set for August 7, 2023.
CZ’s Attempt to Shut Down US Operations
– Binance CEO, Changpeng “CZ” Zhao, attempted to shut down the US operations earlier this year.
– The company’s board of directors did not unanimously agree on the closure.
– CZ’s motivation for this move is linked to the complex regulatory landscape in the US.
Curiosity Surrounding CZ’s Decision
– The delay in submitting accounting statements raises questions about CZ’s earlier attempt to shut down US operations.
– Binance’s international operations have recently demonstrated adherence to local regulations.
Hot Take
Binance US’s delay in submitting accounting statements raises concerns about compliance, especially considering the earlier attempt to shut down US operations. It remains to be seen how this will affect Binance’s standing with the SEC and the wider crypto industry.
By
By
By
By
By