SEC accuses Binance US of hampering securities violation probe
The U.S. Securities and Exchange Commission (SEC) has accused Binance US of non-cooperation in a probe into alleged federal securities law violations. The SEC has raised concerns over using Ceffu, a custody service facilitated by the international arm of Binance. They believe this breaches a prior agreement designed to prevent the transfer of assets abroad. The holding company of Binance US, BAM, has reportedly been less than cooperative during the discovery phase, the process where evidence is gathered. According to the SEC, BAM has only submitted around 220 documents, many of which are either undated or unsigned and, in some cases, are incomprehensible screenshots. Moreover, the company has been reluctant to present vital witnesses for deposition, consenting to only four depositions of individuals they have selected as suitable. “It has responded to requests for relevant communications with blanket objections and has refused to produce documents kept in the ordinary course of...