The SEC Claims Binance.US Has Provided Insufficient Documents and Refused Essential Witnesses
The United States Securities and Exchange Commission (SEC) has accused Binance.US of non-cooperation in the ongoing investigation against the crypto exchange. In a court filing dated September 14, the SEC stated that Binance.US's holding company, BAM, has produced only 220 documents during the discovery process. Many of these documents were described as "unintelligible screenshots and documents without dates or signatures."
Refusal to Produce Witnesses and Blanket Objections
The SEC further alleged that BAM has refused to provide essential witnesses for deposition, agreeing to only four depositions of witnesses it unilaterally deemed appropriate. Additionally, the crypto exchange responded to requests for relevant communications with blanket objections and initially claimed that certain documents did not exist, only for the SEC to later receive such documents from other sources.
Concerns Over Binance.US's Use of Ceffu
The SEC expressed concerns about Binance.US's use of Ceffu, wallet custody software provided by Binance Holdings Ltd. BAM initially stated that Ceffu was its wallet custody software and services provider but later claimed that Binance fulfilled this role. The SEC raised concerns that this usage of Ceffu may violate a prior agreement aimed at preventing the diversion of funds abroad.