![]() ![]() Additionally, the unregistered sale of Binance.US's staking-as-a-service program required BAM Trading to register as a broker-dealer. The SEC asserted that, Binance.US, and BAM Trading should have registered as clearing agencies, broker-dealers, and exchanges. These charges included unregistered securities offerings, allegations related to the Simple Earn and BNB Vault products, and the staking program. The SEC initially filed a lawsuit against Binance on June 5, levying 13 charges against the cryptocurrency exchange. Binance.US described the SEC's demands for additional documents as a "futile fishing expedition" in a previous filing on September 12. The company argues that simply providing wallets as part of the Ceffu software does not grant its international arm control or access to customer funds. Many of these documents are described as unintelligible screenshots and lack essential dates or signatures.īinance.US has countered the SEC's concerns regarding Ceffu, dismissing them as baseless. The SEC has voiced frustration over the evidence-gathering process, known as discovery, stating that Binance.US's holding company, BAM, has provided only around 220 documents. This usage raises concerns about assets being moved overseas, potentially contravening a previous agreement to prevent such actions. The Federal regulators are particularly concerned about Binance.US's use of Ceffu, a custody service offered by Binance's international branch. 14, asserting that Binance.US's staking, clearing, and brokerage services violate federal securities laws. The SEC has unsealed court filings on Sept. Securities and Exchange Commission (SEC) in an ongoing investigation. Binance.US, the American arm of the global cryptocurrency exchange Binance, faces allegations of non-cooperation with the U.S.
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