In light of recent developments, the US regulator SEC is taking an important step in its lawsuit against Binance. It discloses the contents of some sealed documents filed in the Binance case, alleging that Binance.US was uncooperative.
SEC responds with evidence and testimony in Binance case
According to recent developments, the SEC has requested to “unseal” some confidential documents to reveal their contents. The SEC raised concerns about the lack of cooperation between Binance.US and Binance regarding wallet, system and team separation.
According to reports, the SEC plans to take statements from Brian Shroder and Jasmine Lee, CEO of BinanceUS. However, Binance.US opposes this request. The SEC had previously taken statements from BinanceUS executives Erik Kellogg and Tao Zhang.
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Damn.
Even around the redacted part this is juicy. External auditor making redacted testimony, Binance US failing to produce, all focused on Ceffu.
Seems the SEC may have already pointed out what I did in my earlier thread pic.twitter.com/UGnUKSdJIQ
— Adam Cochran (adamscochran.eth) (@adamscochran) September 15, 2023
The latest incident with BAM Management and BAM Trading raises questions about the functioning of the company. The SEC alleges that Ceffu (formerly known as Binance Custody) provided custody services for both platforms, contrary to the previously agreed upon consent decree.
The SEC opposes Binance.US’s use of a protective regulation in the face of demands that it describes as “overly broad” and “unduly burdensome.” The regulator presented more than 30 pieces of evidence to reveal the truth behind these demands. He requested that the protective order offered by BinanceUS be rejected.
Next date is September 18
On Wednesday, Judge Faruqui signed an order stating that the next hearing will be held on September 18. This hearing provides a platform to consider requests for protective regulation and the release of further documents. Meanwhile, the resignation of Binance.US CEO Brian Shroder last week has created concern in the crypto industry. Shroder’s resignation follows other layoffs at the company.
These developments show that the friction between Binance.US and the SEC is deepening. While BinanceUS rejected the SEC’s demands, the SEC also insisted on the lack of cooperation. In conclusion, the lawsuit between SEC and BinanceUS confirmed that both sides have a lot to say. The hearing on September 18 will be a decisive moment for the future of this complex case. The arguments of both sides will become clearer in the coming days.
2 more Binance executives left the company
As reported by Kriptokoin.com, Binance executives Krishna Juvvadi and Sidney Majalya left the company yesterday. BinanceUS chief legal officer Krishna Juvvadi and chief risk officer Sidney Majalya announced their resignations just one day after Brian Shroder. According to sources, Shroder wanted to leave the firm because it had laid off a third of its staff. Thus, three stock exchange managers announced their resignations in the last week.
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