The top US Securities and Exchange Commission (SEC) is again taking action against the world's largest crypto exchange Binance. Now she is accusing her of a lack of willingness to cooperate in drastic terms.
It’s like “navigating through a hall of mirrors.” This is how the US Securities and Exchange Commission (SEC) describes the investigations against the crypto exchange Binance.
SEC: Binance makes half-hearted and irrelevant statements
Binance , which operates under the name BAM Trading Services Inc. in the USA, only made “half-hearted” statements that were “irrelevant”. Binance , in turn, counters that the SEC is making “unreasonable demands.”
The core of the dispute is an SEC lawsuit filed against Binance in June, alleging that the crypto exchange violated US securities laws. Since then, the SEC has been trying to get Binance to cooperate through an expedited disclosure request.
Application for accelerated disclosure is intended to put pressure on Binance
The stock exchange supervisory authority wants to gain access to internal documents that provide information about how the company works. Of particular interest is the question of who has control over customer assets.
After Binance initially signaled its willingness to cooperate, the company later retreated to a more dismissive position. That is why the SEC accused the stock exchange of a “lack of transparency” at the beginning of September.
SEC calls Binance information shaky
The authority became even clearer to the court before it, accusing Binance of blocking “entire categories of information that would likely shed light on its shaky claims regarding the custody of customer assets.”
The SEC adds: “The accelerating mass exodus of BAM employees, including the CEO and others who may have critical information regarding the custody, control and availability of assets, underscores the urgent need for accelerated disclosure of these issues “.