{"id":61234,"date":"2023-09-15T04:21:06","date_gmt":"2023-09-15T08:21:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-accuses-binance-us-of-non-cooperation-in-probe-over-securities-law-violations\/"},"modified":"2023-09-15T04:21:10","modified_gmt":"2023-09-15T08:21:10","slug":"sec-accuses-binance-us-of-non-cooperation-in-probe-over-securities-law-violations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61234","title":{"rendered":"SEC Accuses Binance.US of Non-Cooperation in Probe Over Securities Law Violations"},"content":{"rendered":"
\n

Binance.US, the American arm of the global cryptocurrency exchange giant Binance, has been accused of non-cooperation in an ongoing probe by the US Securities Exchange Commission (SEC).<\/p>\n

The SEC has alleged that Binance.US’s staking, clearing, and brokerage services violate federal securities law.<\/p>\n

In a court filing released Thursday, SEC has targeted Binance.US’s use of Ceffu, a custody service provided by Binance Holdings Ltd, the international arm of the Binance empire.\u00a0<\/p>\n

Binance.US\u2019s Use of Ceffu Might Be in Violation of Previous Consent Order\u00a0<\/h2>\n

U.S. regulators are concerned that this use of Ceffu custody may breach a previous agreement designed to prevent assets from being moved overseas.<\/p>\n

The SEC also voiced its concerns about Binance.US’s handling of the probe in the court filing.\u00a0<\/p>\n

The regulatory agency claimed that the company’s holding entity, known as BAM, had provided a limited and inadequate amount of evidence during the discovery process.<\/p>\n

According to the SEC, BAM had furnished only around 220 documents, many of which were described as “unintelligible screenshots” and lacked dates or signatures.<\/p>\n

The SEC’s contention is that this limited cooperation from BAM raises questions about whether the company is violating the terms of the earlier consent order.\u00a0<\/p>\n

This order was established to ensure that only local U.S. staff have access to customer funds, a crucial safeguard in the realm of cryptocurrency exchanges.<\/p>\n

Binance.US Dismisses SEC\u2019s Accusations<\/h2>\n

Binance.US has pushed back against the SEC’s allegations.\u00a0<\/p>\n

In a filing dated September 12, the company dismissed the regulator’s concerns over Ceffu as “much ado about nothing.”\u00a0<\/p>\n

Binance.US also characterized the SEC’s demand for additional documents as a “futile fishing expedition.”<\/p>\n

The cryptocurrency exchange argued that merely providing the Ceffu software for wallet creation does not imply that its international arm has custody or access to customer funds.\u00a0<\/p>\n

Amidst these regulatory challenges, Binance.US recently announced a significant workforce reduction, shedding one-third of its employees.\u00a0<\/p>\n

Among those departing are Chief Executive Officer Brian Shroder, as well as the company’s head of legal and chief risk officer.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance.US, the American arm of the global cryptocurrency exchange giant Binance, has been accused of non-cooperation in an ongoing probe by the US Securities Exchange Commission (SEC). The SEC has alleged that Binance.US’s staking, clearing, and brokerage services violate federal securities law. In a court filing released Thursday, SEC has targeted Binance.US’s use of Ceffu, […]<\/p>\n","protected":false},"author":1,"featured_media":61235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-61234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSEC Accuses Binance.US of Non-Cooperation in Probe Over Securities Law Violations | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Binance.US, the American arm of the global cryptocurrency exchange giant Binance, has been accused of non-cooperation in an ongoing probe by the US\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=61234\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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