️In a court filing dated Sept. 14, the U.S. Securities and Exchange Commission (SEC) accused Binance US of a “lack of transparency” during its investigation into the crypto exchange. It also alleged that Binance US’s holding company, BAM, has so far produced only 220 documents during the discovery process. It added that the submitted documents consisted of “unintelligible screenshots and documents without dates or signatures.”
It also raised concerns about Binance US’ customer assets falling under the control of Ceffu, a wallet custody software service owned by the exchange’s international entity Binance Holdings Ltd. As per previous agreements, the assets were supposed to be “solely in BAM’s custody and ‘complete control’ in the United States,” and not shared with other Binance entities.
