Binance v SEC Lawsuit Update September 17: Problems With Documentation and More


17 Sep 2023 11:03 AM

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.

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You May Ask

Why did Binance.US cut a third of its staff?What allegations has the SEC made against Binance?Why is the SEC accusing Binance of not cooperating in the probe?What concerns does the SEC have about Binance.US's use of Ceffu?How has the legal action affected Binance's workforce and executive team?

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