SEC BINANCE US FOUND DIFFICULTY ENSURING COMPANY WAS COLLATERALIZED

Further

“Further, we ensured that U.S. customers will be able to withdraw their assets from the platform while we work to resolve the alleged underlying misconduct and hold Zhao and the Binance entities accountable for their alleged securities law violations.”

Binancev.SEC: Hearing in Washington DC over BAM motion to

SEC.gov

Binance Us

Binance US's auditor faced challenges ensuring full collateralization at specific times. The company's responses to SEC emphasize challenges and propose further discussions. The

BinanceAuditors Can't Prove Exchange is 'FullyCollateralized'

Binance.USandSECAgreement Will See Client Funds Moved to theUS

Auditors Say It

The newly unsealed sections of the complaint filed by the SEC auditor against Binance, Binance.US and Zhao in June found: “[It] was difficult and sometimes not possible to pull wallet balances

In the latest filing by the SEC, the regulator says that the Binance US audit found it “very difficult to ensure the company was fully collateralized.” On Monday, the SEC asked the court to reject Binance’s objections to the SEC’s motion and to inspect the exchange.

Auditors Say It’s Hard to Prove Binance is Fully Collateralized. Binance’s recently filed response reveals that the SEC’s Request for Production No. 27 called for Binance to hand over all “auditors’ assessment of internal control deficiencies related to the custody and control of Customer Assets.”

According To Coindesk

The troubles began when the SEC filed charges against Binance, Binance.US, and founder Changpeng Zhao for alleged securities law violations. This action came in the wake of the FTX exchange collapse, which had heightened regulatory scrutiny across the cryptocurrency sector.

According to CoinDesk, the SEC claimed that an audit of Binance US revealed difficulties in confirming that the company was fully backed by collateral. Binance US has countered these requests, arguing that the SEC is overstepping its jurisdiction.

SEC: Binance US Found Difficulty Ensuring Company was Collateralized

According To Newly Unsealed Court

According to newly unsealed court documents, the SEC is focusing on the crypto exchange's asset collateralization practices, including an auditor's statement that it was very difficult to ensure the company was fully collateralized at specific points in time.

Binance and Binance.US have reached an agreement with the United States Securities and Exchange Commission (SEC) to secure customer funds and private keys by repatriating all Binance.US users’ funds to the United States, thereby preventing Binance Holdings officials, including Chanpeng Zhao, from accessing them.

Binance.USCEO Details Recovery Path After Regulatory Challenges

SEC's Latest Filings Highlight Auditor Concerns OverBinance.US

SECFlagsBinance USCollateral Concerns - u.today

Celebrating today’s victory - blog.binance.us

Hace

SECChallengesBinance US's Objections in Latest Court Motion –

Hace 2 días Today, the U.S. Securities and Exchange Commission (SEC) has agreed to fully dismiss its case against Binance.US. By abandoning their enforcement case in its entirety, today’s outcome reaffirms what we have always believed: that Binance.US did