<ul class="news-points">
 <li><strong>Venture capitalist Adam Cochran raised doubts about Binance Holding’s accounting system.</strong></li>
 <li><strong>According to Cochran, Binance US, as a regulated entity, failed to generate an audit report for legal proceedings.</strong></li>
 <li><strong>A post on X highlighted the SEC’s claim that Binance has submitted financial documents without any confirmation or evidence.</strong></li>
</ul>
<p>Venture capital fund Cinneamhain Ventures partner Adam Cochran recently called out Binance’s U.S. subsidiary for the lack of an accounting system, maintaining minimal records, and struggles to effectively generate an audit report for legal proceedings, despite being “small and regulated.”</p>
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   <p lang="en" dir="ltr">So Binance’s US entity which is small and regulated, seems to have no proper accounting method or system, minimal records and can’t successfully produce an audit for the courts.<br><br>But you think international, with all its cut corners, TUSD deals and Russian shell spin-offs is ok?… <a href="https://t.co/mutLPMDd27" target="_blank" rel="noopener noreferrer nofollow">https://t.co/mutLPMDd27</a></p>— Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1709347778613162444?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 3, 2023</a>
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<p>This post on X (formerly Twitter) was a reply to a crypto user’s post highlighting the US SEC’s reaction to Binance’s cash reconciliation table. The SEC <a href="https://twitter.com/tmnxeq/status/1709263751889789063" target="_blank" rel="noopener noreferrer nofollow">stated</a> that desp…</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/venture-capitalist-calls-out-binance-for-no-proper-accounting-system/">Venture Capitalist Calls Out Binance For No ‘Proper Accounting System’</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.</p>

Venture Capitalist Calls Out Binance For No ‘Proper Accounting System’

Coin Edition

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