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    Home » $1 billion worth of assets withdrawn amid SEC row
    Financial Market

    $1 billion worth of assets withdrawn amid SEC row

    ZEMS BLOGBy ZEMS BLOGMarch 6, 2024No Comments3 Mins Read
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    Binance

    quick look

    • Binance's US subsidiary faced a major downturn following SEC allegations of securities law violations.
    • More than 200 employees have been laid off since June, cutting the workforce by two-thirds.
    • A $4.3 billion settlement with the Department of Justice and the CFTC did not resolve the ongoing SEC lawsuit.
    • $1 billion worth of assets were withdrawn following the SEC's temporary restraining order.

    In December, Christopher Blodgett, COO of Binance US, revealed the significant impact the SEC lawsuit had on the company. Calling it a “near-fatal blow,” the legal challenge forced Binance US to significantly downsize, laying off more than 200 employees — about two-thirds of its workforce. The legal troubles began in June when the SEC filed a lawsuit against Binance, alleging that some of the assets it offered, including BNB and BUSD, were unregistered securities. Allegations against its staking software have further complicated the situation.

    $4.3 billion settlement from the Department of Justice and the Commodity Futures Trading Commission (CFTC).

    The fallout from the SEC's allegations extended beyond workforce reductions. Binance US agreed to a massive $4.3 billion settlement with the Department of Justice and the Commodity Futures Trading Commission over violations related to illicit financing. However, this settlement did not end its regulatory challenges. The SEC continued its legal battle, which included a request for a temporary restraining order to freeze the funds. This step led to the withdrawal of large assets from the platform, amounting to about one billion dollars. The withdrawal spree has put financial pressure on Binance US and significantly weakened institutional confidence.

    Compliance inconsistencies have been exposed at Binance in the US

    Recent developments have revealed further inconsistencies in Binance US's compliance claims. SEC lawyers highlighted the company's failure to properly disclose changes to its operations and controls. This omission hampered efforts to verify compliance, resulting in delays and incomplete information that complicated SEC investigations. In addition, Binance US's alleged lack of cooperation in requests for information about customer assets and other issues has led to accusations of obstructing regulatory oversight.

    Binance US is currently facing a difficult situation, grappling with a difficult legal landscape while dealing with operational difficulties and waning trust among its institutional partners. The SEC allegations and the ensuing legal and financial fallout highlight the critical need for regulatory compliance and transparency in the fast-paced cryptocurrency market. While Binance US is trying to overcome these hurdles, the broader implications for the industry and regulatory practices have yet to unfold.



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