Unsealed Filings Expose Binance.US Auditor's Struggle To Verify Full Collateralization | Bitcoinist.com


19 Sep 2023 3:00 AM

In a recent development, the SEC unsealed court filings related to the ongoing litigation against Binance.US and BAM Management....

  • The SEC has expressed concerns about Binance.US's ability to ensure full collateralization of customer assets.
  • An audit conducted by Binance.US's auditor encountered challenges in verifying the platform's complete collateralization.
  • The SEC's concerns highlight potential risks to investors and the need for increased transparency and regulatory oversight in the cryptocurrency industry.
  • Binance.US has raised objections to certain aspects of the SEC's requests for documentation and inspection.
  • BAM (Binance.US's parent company) asserts various privileges and protections in response to the requests.
  • BAM is willing to engage in discussions with the plaintiff regarding the requests.

The article highlights concerns raised by the SEC regarding Binance.US's collateralization practices and the need for increased transparency and regulatory oversight. It also mentions objections raised by Binance.US and its willingness to engage in discussions. Overall, the sentiment is neutral, with a focus on potential risks and legal proceedings.

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What are the SEC's concerns about Binance.US's collateralization practices?What challenges did Binance.US's auditor encounter during the audit?What objections has Binance.US raised to the SEC's requests for documentation and inspection?What privileges and protections does Binance.US assert in response to the requests?Is Binance.US willing to discuss the requests with the plaintiff?

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