SEC Challenges Binance US's Objections in Latest Court Motion

Crypto News
Crypto News

18 Sep 2023 8:45 PM

The U.S. SEC has taken legal steps against Binance US, questioning the firm's asset management and compliance with crypto regulations....

  • The U.S. Securities and Exchange Commission (SEC) has asked a court to dismiss Binance US's objections to its recent legal motion.
  • The SEC claims that an audit of Binance US revealed difficulties in confirming the company's full collateral backing.
  • Binance US argues that the SEC's demands are too broad and fall outside its jurisdiction.
  • The SEC filed a lawsuit against Binance in June, alleging that they operated an unlicensed securities exchange.
  • The SEC criticizes Binance US's asset management and requests an inspection into the company.
  • The SEC expresses concerns about Ceffu, a service rebranded from Binance Custody, potentially facilitating the transfer of U.S. customer funds out of the country.
  • Binance US is accused of providing inconsistent representations, slow production of documents, and stonewalling on information related to customer asset custody.
  • The SEC aims to compel Binance US to provide depositions, communications, and relevant information for inspection.

The article presents a conflict between the SEC and Binance US, with the SEC raising concerns about Binance US's asset management and requesting an inspection. The sentiment is negative towards Binance US, as the SEC accuses them of providing inconsistent representations and stonewalling on information.

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You May Ask

What is the U.S. Securities and Exchange Commission (SEC) asking a court to do regarding Binance US?What difficulties did an audit reveal about Binance US's collateral backing?How does Binance US respond to the SEC's demands?What allegations does the SEC make against Binance and its founder?What concerns does the SEC have about Ceffu and its potential role in transferring customer funds out of the country?

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