SEC Filing Details
The SEC has raised serious allegations against Binance.US, accusing it of non-cooperation in an ongoing investigation concerning the crypto exchange operations. The court filing highlighted that Binance.US’s holding company, BAM, produced only a limited number of documents, many of which were incoherent and lacked necessary details.
Discrepancies Over Wallet Custody Software
The SEC has expressed apprehensions over the inconsistent statements given by BAM regarding the use of Ceffu, a wallet custody software. The regulators are concerned that the crypto exchange’s engagement with Ceffu might violate previous agreements aiming to prevent the diversion of funds abroad.
SEC’s Lawsuit Against Binance
In June, the SEC initiated a lawsuit against Binance with 13 charges rooted in alleged unregistered securities offerings and the failure to register as required entities. The charges included issues concerning the Simple Earn and BNB Vault products, as well as Binance’s staking program.
Internal Crises at Binance.US
The fresh accusations come at a time when Binance.US is experiencing a series of top-executive resignations, adding to the troubles faced by the crypto exchange giant. Binance.US has seen a significant leadership shakeup, including the departure of its CEO Brian Shorder.
Binance.US finds itself under increased scrutiny with the SEC emphasizing the crypto exchange’s alleged non-cooperation in the ongoing investigation. The inconsistencies in statements regarding their wallet custody software and the recent leadership exits add more layers to the unfolding saga. Binance.US is yet to respond to the SEC’s recent accusations. Stay tuned for more updates on this developing story.