These alleged failures include inadequate regulatory compliance, insufficient measures to prevent money laundering, and insufficient customer identity verification processes. The SEC’s lawsuit against Binance.US and its associated entities accuses them of a number of shortcomings in compliance and control. The shortcomings in compliance and control of Binance.US The filing also raises questions about the custody and control of client assets, particularly in relation to defendants who claim they are not subject to the court’s jurisdiction. The SEC’s concerns stem from the defendants’ alleged violative conduct, including years of non-compliance, failure to abide by US laws, and suspicious financial transfers. With this order, the SEC intends to safeguard customer funds held by Binance.US, ensuring that they remain intact during the legal proceedings. The SEC document stresses that the requested measure is critical to the safety of customers’ assets. The SEC’s legal action, filed Monday, highlights several regulatory violations, oversight evasions and a history of non-compliance, underscoring the urgency and necessity of this freezing of assets. These two entities serve as holding and operating companies of Binance.US. The SEC’s court filing, submitted to the US District Court in Washington, explicitly requests approval for the freezing of assets associated with BAM Management US Holdings and BAM Trading Services. Potential implications for Binance.US and the cryptocurrency industry.The shortcomings in compliance and control of Binance.US.
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