Binance.US Faces SEC Probe Over Customer Asset Handling, Cuts Two-Thirds Of Staff
Summary
The SEC is intensifying scrutiny on Binance.US, focusing on the exchange's control over customer assets. The SEC has faced obstacles in obtaining comprehensive disclosure from Binance.US, leading to skepticism about the exchange's self-governance claims. The regulatory discord has led to financial strain for Binance.US, including a substantial outflow of assets, revenue loss, layoffs, and increased legal and auditor expenses. This strain has impeded the exchange's ability to respond to SEC discovery requests.
