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<p><span style="font-weight: 400;">The US Securities and Exchange Commission (</span><a href="https://www.sec.gov/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">SEC</span></a><span style="font-weight: 400;">) said it’s reached an impasse with Binance.US because the crypto exchange is failing to answer key questions in connection with its <a href="https://insidebitcoins.com/news/judge-tells-binance-us-and-sec-to-work-things-out-together-doesnt-grant-regulators-requests" rel="noopener noreferrer nofollow">investigation</a> into its activities.</span></p>
<p><span style="font-weight: 400;">The regulator said in a Mar. 5 </span><a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.222.0.pdf" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">filing</span></a> to a district court<span style="font-weight: 400;">&nbsp;that BAM Trading Services, the legal entity trading as Binance.US, has been “unable or unwilling” to answer certain SEC questions, and asked that the Court intervene to order BAM to address outstanding issues.</span></p>
<p><span style="font-weight: 400;"><img decoding="async" src="https://blog.binance.us/content/images/2022/12/Frame-1--11--1--1-.png" alt="Binance.US has launched in two new U.S. territories"></span></p>
<h2 id="span-style-font-weight-400-sec-says-binance-us-refuses-to-comply-with-basic-obligations-span"><span style="font-weight: 400;">SEC Says Binance.US Refuses To Comply With Basic Obligations</span></h2>
<p><span style="font-weight: 400;">The primary focus of the SEC’s investigation is whether or not employees of the company’s non-U.S. arm have access to funds belonging to Binance.US customers. In its report, the regulator said that Binance.US has failed to prove that external employees do not have access to the funds in question.&nbsp;</span></p>
<p><span style="font-weight: 400;">It added that BAM Trading Services has “refused to comply with basic discovery obligations,” including not providing written responses to the SEC’s questions as well as not producing “attachments and metadata associated with responsive documents.”</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">“With regard to digital assets, the SEC has lost its way.”</p>
 <p>In today’s <a href="https://twitter.com/FortuneMagazine?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@FortuneMagazine</a> op-ed, Norman Reed, Interim CEO of <a href="https://twitter.com/BinanceUS?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BinanceUS</a>, highlights the SEC’s flawed approach to regulating digital assets and shares a path forward for the Commission and industry.</p>
 <p>In the meantime, we…</p>
 <p>— Binance.US 🇺🇸 (@BinanceUS) <a href="https://twitter.com/BinanceUS/status/1748368758823956615?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 19, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><a href="http://binance.us" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Binance.US</span></a><span style="font-weight: 400;"> responded to the SEC’s allegations by saying that it has “gone above and beyond” to answer the agency’s “exceptionally broad” requests for information. It added that it has handed over “thousands of documents” regarding “every conceivable aspect of its custody practices.” </span></p>
<p><span style="font-weight: 400;">The company subsequently asked the court to bring an end to the discovery process.&nbsp;</span></p>
<h2 id="span-style-font-weight-400-left-with-no-choice-but-to-slash-its-workforce-by-60-span"><span style="font-weight: 400;">Left With No Choice But To Slash Its Workforce By 60%</span></h2>
<p><span style="font-weight: 400;">The SEC’s lawsuit against Binance.US led to a 75% decrease in the company’s revenue, leaving it with no choice but to cut around two-thirds of its staff, according to the company’s COO, Christopher Blodgett, during a </span><a href="https://www.courtlistener.com/docket/67474542/222/29/securities-and-exchange-commission-v-binance-holdings-limited/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">deposition</span></a><span style="font-weight: 400;"> in December.</span></p>
<p><span style="font-weight: 400;">The executive said that Binance.US’s trading volumes and business have “imploded” and added that approximately $1 billion in fiat and crypto funds left the platform shortly after the SEC’s temporary restraining order. Blodgett also said that Binance.US had done nothing wrong.</span></p>
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SEC Says Binance “Unwilling” To Answer Key Questions, Asks Court To Order It To Comply

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