SEC Files Opposition To Binance US
The U.S. Securities and Exchange Commission (SEC) has filed exhibits against Binance.US, revealing that the exchange is not cooperating as agreed in an earlier consent order. The SEC has also requested the unsealing of confidential documents. Both parties have agreed to make some documents related to the SEC’s discovery requests public.
The SEC has expressed concerns about BAM Management and BAM Trading (Binance.US) failing to separate wallets, systems, and teams from Binance. The SEC argues that Ceffu (formerly Binance Custody) continues to act as custody for both Binance and Binance.US, which violates the consent order. The SEC also wants depositions from CEO Brian Shroder and Jasmine Lee, but Binance.US is opposing it.
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Binance US custodian was just Binance international and they lied to the courts.
We also learn that the external auditors testimony is framed as “auditors concerns” which is the last fucking thing you want.
— Adam Cochran (adamscochran.eth) (@adamscochran) September 15, 2023
The SEC has submitted 31 exhibits in support of its motion to compel and opposition to Binance.US’s motion for a protective order. However, details of only 10 exhibits have been revealed so far. The SEC is urging the court to reject BAM’s protective order.
Magistrate Judge Faruqui has scheduled the next hearing for September 18, where a decision may be made regarding the protective order and the motion to compel the disclosure of more documents and executive depositions. In a surprising development, CEO Brian Shroder resigned earlier this week, leading to speculation and fear, uncertainty, and doubt (FUD) in the crypto industry.
Hot Take: SEC vs. Binance.US Lawsuit Intensifies
The legal battle between the U.S. Securities and Exchange Commission (SEC) and Binance.US continues to escalate. The latest filings reveal the SEC’s concerns about Binance.US’s lack of cooperation and violation of a consent order. The court proceedings have shed light on the involvement of external auditors and the resignation of Binance.US’s CEO, causing further uncertainty in the cryptocurrency industry. As the case unfolds, it remains to be seen how it will impact Binance.US and its operations in the United States.
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