The SEC said Binance was unwilling to answer key questions and asked the court to order it to comply.

U.S. Securities and Exchange Commission (secretary) said it was in an impasse with Binance.US as the cryptocurrency exchange failed to answer key questions related to its investigation into its activities.

The regulator said on March 5: filing to the district court BAM Trading Services, an entity trading as Binance.US, is unable or unwilling to answer certain SEC questions and has asked the court to intervene to order BAM to resolve the outstanding issues.

The SEC said Binance.US refused to comply with its basic obligations.

The main focus of the SEC’s investigation is whether the company’s non-US employees have access to funds belonging to Binance.US customers. The regulator said in its report that Binance.US failed to demonstrate that external employees did not have access to the funds in question.

It added that BAM Trading Services “refusaled to comply with basic discovery obligations,” including failing to provide written responses to the SEC’s questions and failing to produce “attachments and metadata associated with response documents.”

“When it comes to digital assets, the SEC has lost its way.”

Today @Fortune Magazine Featured, Norman Reed, Interim CEO @BinanceUShighlights the SEC’s flawed approach to digital asset regulation and shares a path forward for the Commission and the industry.

In the meantime, we…

— BinanceUS 🇺🇸 (@BinanceUS) January 19, 2024

Binance US The agency responded to the SEC’s claims by saying it “went above and beyond” in response to the SEC’s “unusually broad” request for information. It added that it had handed over “thousands of documents” on “every conceivable aspect of archiving practices.”

The company then asked the court to halt the discovery proceedings.

We have no choice but to cut our workforce by 60%

The SEC’s lawsuit against Binance.US resulted in a 75% decline in the company’s revenue and forced the company to cut about two-thirds of its workforce, according to the company’s COO, Christopher Blodgett. deposition In December.

The executive said Binance.US’ trading volume and business had “exploded,” adding that roughly $1 billion in fiat and cryptocurrency funds left the platform immediately following the SEC’s temporary injunction. Blodgett also said Binance.US did nothing wrong.

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