SEC Flags Binance US Collateral Concerns
U.Today
18 Sep 2023 8:31 PM
The U.S. Securities and Exchange Commission (SEC) has successfully unsealed key court documents concerning its ongoing lawsuit against Binance Holdings Limited and its associated entities...
- The U.S. Securities and Exchange Commission (SEC) has unsealed court documents in its lawsuit against Binance Holdings Limited and its associated entities.
- The SEC is focusing on Binance's asset collateralization practices, with auditors noting difficulties in ensuring full collateralization at specific points in time.
- BAM Trading Services Inc. and BAM Management US Holdings Inc. (BAM) have objected to the SEC's requests for documentation on internal control deficiencies related to customer assets.
- The SEC accused Binance US of a lack of transparency and filed charges of operating as an unregistered securities exchange and commingling customer funds.
The sentiment of the article is negative, as it highlights the SEC's legal battle against Binance and the accusations made against the company.
You May Ask
What are the key court documents that have been unsealed in the SEC's lawsuit against Binance?What specific practices is the SEC focusing on in relation to Binance's asset collateralization?How have auditors described the challenges in ensuring full collateralization of customer assets at Binance?What objections have BAM Trading Services Inc. and BAM Management US Holdings Inc. raised against the SEC's requests for documentation?What accusations has the SEC made against Binance US, and what is the company accused of doing with customer funds?