Binance.US has slashed around a third of its staff amidst legal action from US regulators.
The US Securities and Exchange Commission has claimed that Binance has failed to provide sufficient documentation despite previously agreeing to expedited discovery.
In a new twist to the ongoing courtroom drama, the SEC has alleged Binance of not cooperating in the ongoing probe, according to theFurthermore, the financial regulator also claimed that BAM has refused to make essential witnesses available for deposition. Instead, the entity chose to provide only four depositions of witnesses that it had independently selected.
The SEC also voiced concerns about Binance.US’s use of Ceffu, a custody service offered by Binance’s international arm – Binance Holdings Ltd – which appeared to be in violation of a previous agreement designed to prevent the transfer of assets abroad.
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