The US Securities Commission (SEC) wants the court to order a closer investigation of Binance.US's operations after the exchange refused to provide information.
The US court wants the SEC and Binance.US to "cool down tensions". Photo: CryptoSlate
During the trial to resolve the lawsuit between the US Securities Commission (SEC) and representatives of BAM Trading, the company that manages the Binance.US exchange, in the early morning of September 19 (Vietnam time), financial management officials The government continues to pressure the exchange to provide information.
Similar to the argument made last week, as reported by Coin68 , the SEC once again emphasized that BAM Trading only provided "dribbles" of information to officials, while also refusing to Chia specific activities. Like about the depository unit of the exchange called Ceffu .
The SEC alleges that Ceffu is actually another company under the management of the parent exchange Binance, meaning that Binance.US violated the agreement between the two parties in June , according to which the SEC will not pursue the request to close Binance.US assets if the exchange transfers funds to other wallets not under Binance's control.
Because of the delay, the SEC wants the court to order them to further investigate the exchange's operations, management software, and trading infrastructure.
However, the judge presiding over the trial required the SEC and BAM Trading to talk together to resolve the disagreement, so that the trial could move forward instead of being stuck in the current dispute.
In related developments, the crypto community on Twitter has revealed documents about the lawsuit between the SEC and Binance.US, with many notable details such as "Binance.US's auditor cannot ensure that the exchange has fully guarantee assets at all times", and "Binance CEO Changpeng Zhao once borrowed 250 million USD from BAM Trading and sent it to Paxos, then returned to BAM Trading."
Aptly titled "Exhibit 4" https://t.co/k6QPORW7HT
— db (@tier10k)September 18, 2023
No loans, eh?
— Dylan LeClair 🟠 (@DylanLeClair_) September 18, 2023
So what about this $250m convertible note financed with the stablecoin that was rehypothecated by the billion in 2021, straight from the wallets of Binance International? https://t.co/7Y7dMJUry8 pic.twitter.com/ue3kYYILXY
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