The SEC said that Binance and the way it maintains customer assets should be immediately audited. The organization also made statements regarding several notable departures at Binance.US, including CEO Brian Schroder.
SEC requests immediate review
While tensions between the Securities and Exchange Commission (SEC) and Binance continue, new allegations have emerged regarding the stock market ahead of a hearing in the US District Court for the District of Columbia. The regulator has requested specific information about client assets, but BAM, the company behind Binance.US, has so far failed to comply.
The SEC said it wanted BAM’s technical infrastructure and software to be investigated, among other areas. Additionally, the agency said, “The limited review the SEC has been able to conduct to date reflects the urgent need for investigation.” He said.
‘The need for investigation has increased’
The Securities and Exchange Commission also commented on the departure of several key executives from Binance.US, including CEO Brian Schroder.
At Binance.US, head of legal Krishna Juvwadi and chief risk officer Sidney Mazalya also decided to leave last week. It was noted that the rapidly increasing large-scale migration of BAM employees has further heightened the need for prompt investigation with respect to these issues.
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