The Securities & Exchange Commission (SEC) has accused Binance US of violation of a prior consent order. According to a court filing released Thursday
, the US securities regulator argues that the crypto trading platform has failed to cooperate with the ongoing probe over alleged unregistered securities offerings.Also read:In June, the US securities regulator filed a lawsuit againstentities and founder Changpeng Zhao with 13 charges. These include operating unregistered exchanges, broker-dealers and clearing agencies, misrepresenting trading controls and oversight on the Binance US platform and the unregistered offer and sale of securities.
Since then, the SEC has added to its charges as the lawsuit drags on. In a court order from Thursday, the financial regulator raises questions on a likely violation of a consent order from Binance.US. A federal judge approved in June a consent order, based on a temporary agreement between the regulator and Binance US requiring that funds and assets are not moved offshore.
The government oversight agency believes that the exchange is in violation of this court order. The SEC suspects that Binance.US custody arm Ceffu is unregistered and the exchange is likely using this entity to move assets overseas, according to Thursday’s courtIn a September 12 filing, Binance.US addressed the SEC’s concerns over its custody arm. According to CZ’s exchange, the agency’s concerns are “much ado about nothing.
Binance’s native token, BNB, is changing hands at $212.90 at the time of writing. The token’s price is currently unaffected by the development in the lawsuit and holders await Binance’s response to the SEC’s latest accusation.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.
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