The SEC has declined BAM’s proposals to meaningfully limit its requests and is opposed to the motion for a protective order, the filing said. “…the SEC has still yet to identify any evidence suggesting that customer assets were misused or dissipated in any way,” the filing said. In June, US regulators sued Binance and CEO Changpeng Zhao for allegedly operating a “web of deception,” listing 13 charges including claims that the company artificially inflated its trading volumes, diverted customer funds, failed to restrict US customers from its platform and misled investors about its market surveillance controls.īinance did monthly transactions worth $90bn in banned China market The protective order seeks to limit the SEC, among other things, to four depositions from BAM employees, and to drop the deposition of BAM’s chief executive and of its chief financial officer, without naming anyone.īinance and the SEC did not immediately respond to a request for comment. This will further enhance user protection and combat. Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML). In a court filing in the US District Court of Columbia, BAM Trading, Binance US’s operating company and BAM Management said the group had already provided sufficient information to the regulator. Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access. Simply Spiked Lemonade review: Simplys booze venture got it right. As of August 20, 2021, Binance implemented a required KYC. It often takes only up to 15 minutes to submit all the required documents and information Binance will then review the details and documents within 10 days. Crypto exchange Binance late on Monday filed for a protective court order against the US Securities and Exchange Commission saying the regulator’s requests for information were “over broad” and “unduly burdensome”. Binance pauses Bitcoin withdrawals amid fee spikes. Binance verification is simple and straightforward.
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