SEC’s Bold Claims
In a game of legal chess that could rival an intense episode of your favorite courtroom drama, the U.S. Securities and Exchange Commission (SEC) has recently doubled down on its stance regarding Binance and its wallet provider, Ceffu. In their most recent filing, the SEC insists that Ceffu is not just your average wallet; it’s firmly tied to the Binance family. This counters the previous claims made by Binance, who seemed to think Ceffu could float off on its own.
Fishing Expeditions or House of Mirrors?
The drama escalated when Binance, a player that often likens the SEC’s moves to a “fishing expedition,” sought a protective order against investigations it deemed unnecessary. The SEC, in its latest response, dismissed this as nothing more than a “house of mirrors,” inviting the court to deny Binance’s request for protection. Talk about a legal slap! It’s as though the SEC is saying, “You can run, but you can’t hide.”
Get Ready for the Inspection!
The SEC is channeling its inner detective, asserting that limited inspections thus far have reinforced the urgent need for deeper investigations. In a jargon-filled memorandum dated September 18, the SEC is pushing for the court to approve its motion to compel further inspections into Binance operations. Because who wouldn’t want to sift through someone else’s wallet?
Ownership and Control Confusion
In a twist worthy of a soap opera plot, the SEC argues that BAM, the entity behind Binance.US, has been misleading the court. They claim BAM portrays Binance merely as a “third-party vendor,” almost like an innocent internet service provider. But the SEC begs to differ, pointing out that Binance and BAM share ownership under a somewhat shadowy character, clearly pointing at the often-controversial CEO Changpeng Zhao.
Depositions Galore!
As if the courtroom saga couldn’t get more exciting, the SEC isn’t just asking for documents; they’re eyeing depositions from high-profile figures, including former Binance.US CEO Brian Shroder and CFO Jasmine Lee. However, Binance.US contends that these depositions would disrupt their operations. Imagine the chaos if a reality TV crew showed up unannounced!
What’s Next?
With a hearing scheduled for the afternoon of September 18 in Washington D.C., one can only wonder how this legal tangle will unfold. Will the SEC finally get the answers it’s seeking, or will Binance once again evade the probing? Stay tuned, because this is one developing story that’s certainly not finished yet!
