SEC sees urgent need to inspect Binance.US, custody of customer assets

Photo of author

By BitcoinWiki News

Key Takeaways:

– The SEC accuses Binance.US of “slow-rolled small productions of documents” in a court filing.
– The regulator requests an inspection of the firm, claiming that it has not provided requested information about customer assets.
– Binance.US, represented by BAM, allegedly insists on presenting packaged narratives and curated documents regarding control of customer assets.
– The SEC filed the accusations hours before a hearing at the U.S. District Court, months after suing Binance.US and its founder CZ for violating federal securities laws.
– The agency calls for an inspection of BAM’s technological infrastructure and software.
– The SEC states that BAM has withheld information that could shed light on the custody of customer assets.
– Several executives, including the CEO, have left Binance.US, prompting the SEC to emphasize the need for expedited discovery into these issues.
– The SEC’s allegations are related to Binance.US and do not specifically mention BTC or Bitcoin.

SEC accuses Binance.US of providing limited and curated documents, calls for court-ordered inspection. The Securities and Exchange Commission (SEC) has criticized Binance.US for its slow response in providing documents requested by the regulator. The agency has asked for information related to customer assets but claims that Binance.US has not fully complied. The SEC has now called for a court-ordered inspection of Binance.US, arguing that the company has not been transparent about the custody of customer assets. The agency also highlighted the departure of several executives from Binance.US, stating that it further emphasizes the need for an expedited investigation.

This is sponsored by: Learn Bitcoin Option

Leave a Comment