For the SEC, the cup is full. Instead of being cooperative during the investigation, Binance has issued very few documents the majority of which remains unusable. In response, the American regulator appealed to the court. A legal file was filed to denounce theless cooperative attitude of the crypto exchange. Explanations!
In short
- US Securities and Exchange Commission complains about Binance.US’ lack of cooperation in US court case
- Crypto regulator files legal filing highlighting unimportant documents issued by CZ cryptocurrency exchange
Binance vs SEC, the crypto exchange would try to save time
The fight is raging between Binance and the US SEC at the moment. As soon as the filing of sealed documents from the lawyers of BAM Trading Services (BinanceUS) is completed, here we go, the policeman of the cryptocurrency market cries scandal.
“ The US SEC has accused Binance.US of not cooperating in the ongoing securities investigation and also raised concerns over its use of Ceffu wallet software. »
In L’article attached by Cointelegraph At this tweet, we discovered that Gary Gensler’s SEC had filed a court document yesterday September 14 in order toquestion the court on certain attitudes of Binance. Lawyers for this crypto regulatory institution mentioned the fact that Binance.US lacks willingness to cooperate in the ongoing investigation.
Indeed, the American branch of Binance has not issued only 220 documents most of which ” consist of incomprehensible screenshots and documents without date or signature “.
Moreover, Binance.US wants to limit the number of witness statements to just four. Which seems insufficient in the eyes of the SEC.
“ [Binance] responded to requests for relevant communications with general objections and refused to produce documents retained in the ordinary course of business, asserting that these documents do not exist for the SEC to later receive these documents from other sources “, she clarified.
Another highlight of the Binance file
Binance US’s use of Ceffu is also problematic. As a reminder, Ceffu is crypto wallet custody software provided by Binance Holdings Ltd.
According to the SEC, BAM’s statements regarding the involvement of Ceffu and Binance in the management of the exchange’s customers’ cryptos appear inconsistent. At one point, Binance claimed that this mission fell to Ceffu. And then afterwards, the barons of this crypto exchange change version: it is Binance itself which takes care of it with BAM.
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