Tag: SEC

SEC Accuses Binance.US of Refusal to Cooperate with Investigation, Receives Approval to Unseal or Unredact Case Documents

The SEC has received approval to unseal several documents to further its Binance.US investigation and accused the company of noncooperation. The United States Securities and Exchange Commission (SEC) has accused BInance.US of refusing to fully cooperate with its ongoing investigation. According to the SEC, Binance.US is deliberately providing inadequate or unclear information as part of the investigation. In a September 14 court filing, the SEC said BAM, Binance.US’ holding company, has only submitted 220 documents as part of the discovery process. The SEC added that most of the documents “consist of…

SEC sees temporary setback in request to access Binance.US software

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The United States Securities and Exchange Commission (SEC) has failed to win immediate access to Binance.US’s software in a Sept. 18 hearing, with the judge saying he isn’t “inclined to allow the inspection at this time.” The hearing was held to discuss SEC’s motion to compel Binance to hand over detailed information and make its executives more available for depositions, which has been a point of contention between the two over the past week.  In a hearing, Judge Faruqui said that he wasn’t “inclined to allow the inspection at this…

SEC embroiled in court cases; Hester Peirce says crypto firms shouldn’t give up on US

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Hester Peirce, one of five commissioners with the United States Securities and Exchange Commission (SEC) and an outspoken proponent of crypto, has urged lawmakers and regulators for clarity on digital assets. Speaking to Cointelegraph at the Permissionless II conference in Austin, Texas on Sept. 11, Peirce said she wouldn’t have expected the SEC to be “this far behind” in finding a solution for a regulatory framework on cryptocurrencies when she joined the commission in 2018. She pointed to countries like Switzerland and Singapore as seemingly ahead of the curve on…

SEC accuses Binance of noncooperation, court unseals case documents: Law Decoded

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The legal struggle between crypto exchange Binance and the United States Securities Exchange Commission (SEC) continues. The SEC has accused Binance.US of noncooperation in the ongoing investigation. The agency points out that Binance.US’s holding company, BAM, has produced only 220 documents during the discovery process. Many of those materials “consist of unintelligible screenshots and documents without dates or signatures,” the SEC said. The regulator added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses it has unilaterally deemed appropriate.  Meanwhile, Magistrate…

SEC claims Ceffu wallet provider is ‘Binance-related’ in motion against BAM

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In its latest filing regarding its motion to compel against BAM, the holding company for Binance.US, the United States Securities and Exchange Commission (SEC) has claimed that wallet provider Ceffu is indeed “Binance-related.” This is in contradiction to claims made by Binance in earlier court documents. The redacted filing argues again that Binance’s request for a protective order against the SEC investigation is meritless. It calls for the court to deny that request. Binance made the request in the U.S. District Court for the District of Columbia on Aug. 14, calling…

U.S. SEC Rips Into Binance.US Over ‘Shaky’ Client Asset Custody, Ties to Ceffu

In June, the watchdog sued Binance.US, the exchange’s global parent Binance Holdings and founder Changpeng “CZ” Zhao, alleging they ran an unlicensed securities exchange. The SEC’s findings in the case so far demonstrate “the urgent need for an inspection,” Monday’s filing said, as the regulator restated its worries about Binance’s use of custody platform Ceffu. Source

Was The SEC In Bed With Ethereum? ETH Gate Explained

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Conspiracy theory or one of the biggest scandals in crypto? The term “ETH Gate” has been on the lips of every XRP supporter in recent months and, increasingly, the broader cryptocurrency community. At the heart of this issue is the US Securities and Exchange Commission’s (SEC) decision to classify Ethereum (ETH) as a non-security, contrasting sharply with its ongoing legal action against Ripple and the XRP token.What is ETH Gate “ETH Gate” refers to a theory alleging that the Ethereum Foundation and ConsenSys have fostered close relationships with key individuals…

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…

SEC reverses decision on sealing, redacting some documents in Binance.US case

Observers should soon get a look at least some of the sealed documents in the United States Securities and Exchange Commission’s (SEC) case against Binance. The documents were sealed at the SEC’s request with the agreement of both sides, and are being unsealed at the request of the SEC itself. District of Columbia District Court Magistrate Judge Zia Faruqui issued an order Sept. 15 granting the SEC’s motion to unseal the documents. The order lists 18 sealed documents and another nine partially sealed or redacted documents. Filing of sealed documents…