Binance v SEC Lawsuit Update September 17: Problems With Documentation and More
Binance.US has slashed around a third of its staff amidst legal action from US regulators....
- Binance.US has cut around a third of its staff due to legal action from US regulators.
- The US Securities and Exchange Commission (SEC) claims that Binance has not provided sufficient documentation.
- BAM, Binance's US affiliate, has submitted approximately 220 documents, but the SEC alleges that many of them are unintelligible screenshots without essential dates or signatures.
- The SEC has brought forth 13 charges against Binance, including violations of US securities laws and failure to prevent unauthorized operations.
- The SEC accuses Binance of not cooperating in the ongoing probe and BAM of refusing to provide essential witnesses.
- The SEC also raises concerns about Binance.US's use of Ceffu, a custody service, which may violate a previous agreement.
- Binance anticipated a prolonged legal battle and requested downsizing of the workforce, resulting in several high-ranking executives leaving the company.
The article portrays a negative sentiment towards Binance.US due to the legal action and allegations made by the SEC. The downsizing of staff and departure of high-ranking executives further contribute to the negative sentiment.