The U.S. Securities and Exchange Commission (SEC) recently filed a brief in its ongoing lawsuit against cryptocurrency exchange Binance US. The SEC is seeking to unseal documents related to the case, claiming that Binance US has misused customer funds.
The SEC’s complaint, filed in December 2020, alleges that Binance US has been operating as an unregistered broker-dealer since 2018. It further alleges that Binance US has engaged in various acts of fraud, including misappropriating customer funds, misrepresenting income, and operating without reporting its transactions to the SEC.
The SEC is now seeking to unseal documents related to the case, believing they will provide further evidence of Binance’s alleged illegal activities. The court has granted the SEC’s motion to unseal the documents and the case is expected to go to trial in the coming months.
The SEC’s case against Binance US is an important step for the regulator in ensuring that exchanges are complying with its regulations. If the SEC is successful in proving its allegations against Binance US, it could have far-reaching implications for the cryptocurrency industry as a whole.