The U.S. Securities and Exchange Commission (SEC) has raised concerns over Binance.US‘s compliance with regulatory requests for information regarding the management and safety of its customers’ assets. This scrutiny comes amid allegations against Binance Holdings Ltd. and its U.S. counterpart, BAM Trading Services (operating as Binance.US), for potential violations of U.S. securities laws. The SEC’s lawsuit, filed last year, specifically questions the control Binance employees outside the U.S. may have over American customers’ funds, suggesting a breach of regulatory requirements.
SEC Alleges Non-Compliance in Information Sharing
Following the lawsuit, a consent order was signed by Judge Amy Berman Jackson, mandating Binance.US to demonstrate control over its customers’ assets. This order also initiated a phase of expedited discovery to ascertain compliance. However, the SEC has reported difficulties in obtaining complete disclosure from Binance.US, indicating a reluctance or
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