SEC sees urgent need to inspect Binance.US and its custody of customer assets

SEC sees urgent need to inspect Binance.US and its custody of customer assets

From theblock.co

In a Monday court filing, the Securities and Exchange Commission laid into what it says is Binance.US’s "slow-rolled small productions of documents” and called for the court to order an inspection of the firm. The regulator asked for certain information around customer assets, but said BAM, the company behind Binance.US, has so far not obliged. "BAM insists that this Court, like the SEC, should accept packaged counsel narratives, carefully drafted declarations, and small curated sets of documents regarding control of BAM's customers' assets, and that any lingering concerns are 'much ado about nothing,'" ... (full story)

Added at 1:22pm

Plaintiff’s reply in support of its motion to compel and for other relief

From storage.courtlistener.com

BAM’s Opposition (Dkt. No.108, “Opp.”) to the SEC’s Motion to Compel perfectly illustrates the house of mirrors the SEC has been navigating for months. Despite agreeing to the Consent Order’s expedited discovery provisions, BAM now attempts to relitigate their scope and purpose. BAM insists that this Court, like the SEC, should accept packaged counsel narratives, carefully drafted declarations, and small curated sets of documents regarding control of BAM’s customers’ assets, and that any lingering concerns are “much ado about nothing.” Opp. 3. The problem of course is that the Consent Order was ... (full story)

Plaintiff’s reply in support of its motion to compel and for other relief