SEC Flags Binance US Collateral Concerns
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.