Federal Judge Denies SEC's Request to Access Binance.US Technology Infrastructure in Ongoing Case
A federal judge has denied the US Securities and Exchange Commission's (SEC) request to access Binance.US's technology infrastructure in the ongoing case. Binance.US lawyers argued that the SEC's request for documents was too broad. The SEC has been accused of not cooperating with the investigation, and the judge proposed that the SEC formulate a more targeted request and interview more witnesses. The next hearing has been moved to October 12th.
SEC Denied Immediate Access to Binance.US Software in Ongoing Legal Battle
The United States Securities and Exchange Commission (SEC) was denied immediate access to Binance.US's software during a hearing on September 18th. The judge suggested that the SEC should provide more specific requests for discovery and speak with a broader range of witnesses.
The U.S. SEC and Binance.US Holding Company BAM Will Hold a Hearing on October 12
On September 19th, a Washington area judge encouraged Binance.US holding company BAM and the U.S. Securities and Exchange Commission (SEC) to work together to provide more information on how Binance.US handles customer assets. In addition, the SEC and BAM agreed to hold a hearing on October 12th and submit a joint status report by October 10th.
The US SEC Failed to Convince the Judge to Immediately Launch an In-depth Investigation Into Binance US
Monday, the US Securities and Exchange Commission (SEC) failed to convince a federal judge to allow officials to immediately conduct a thorough investigation into the software of Binance.US. Since suing Binance.US and its CEO Zhao Changpeng in June of this year, the SEC has been struggling to obtain information from Binance.US.
Source: Binance.US Won’t Be Able To Grow Unless Cz Sells Stake or Resolves Regulatory Issues
According to sources, the relationship between CZ and Binance.US and the current regulatory environment will become obstacles to the development of Binance.US.
Currently, Binance.US has proposed three solutions. The first solution is to continue to implement growth measures as planned, but this requires CZ to resolve his regulatory issues with the SEC and sell all of his Binance.US shares or transfer them to a confidentiality trust.
Binance.US Cuts 100 Jobs and CEO Departs Amid Regulatory Scrutiny
Binance.US, the US-based branch of the cryptocurrency exchange, has reportedly laid off approximately one-third of its workforce, or 100 employees, and its CEO Brian Shroder has also left the company. According to a Binance.US spokesperson cited by Bloomberg on September 13, Shroder was temporarily replaced by Chief Legal Officer Norman Reed.
Binance.US President Departs as Firm Lays Off One Third of Staff Amid Uncertainty
Binance.US, the American offshoot of Binance, has laid off one third of its employees and its president, Brian Shroder, has left the firm. The company has been facing uncertainty and scaling back its operations since the Securities and Exchange Commission's lawsuit against the company. Binance.US customers are no longer able to use US dollars to purchase crypto on the platform, resulting in a significant decline in monthly volumes. Binance, the parent company, has also experienced high-profile executive exits this year and has laid off staff.
Binance.US Will Delist OMG Network (OMG)
According to an official announcement on September 7th, Binance.US will delist OMG Network (OMG) on September 13th. Deposits for OMG will be closed at 10:00 AM Beijing time on September 13th and will not be credited to user accounts. Withdrawals for OMG will remain open. Trading for OMG on Binance.US will be closed at 11:00 AM Beijing time on September 13th and the OMG/USDT trading pair will be removed.
Binance.US and US SEC File Joint Stipulation and Proposed Order, Hint at SEC's Secret Filing Contents
Binance.US and the U.S. Securities and Exchange Commission (SEC) have filed a joint stipulation and proposed order after the exchange filed a motion for a protective order and the SEC opposed it. The latest court filing hints at the contents of the SEC's motion to file a document under seal, causing concern among many.
Binance.US Has Adopted USDT As the New Trading Base Asset
According to an official announcement, Binance.US has adopted the stablecoin USDT, which is pegged to the US dollar, as the new trading base asset instead of the US dollar. Through partnerships with third-party payment providers such as MoonPay, Binance.US has launched the "Buy and Sell Cryptocurrency with USDT" feature on its mobile app and will later offer this feature on its website.
