The SEC stated that Binance and the way it maintains customer assets should be urgently audited. The organization also made statements about several notable departures at Binance.US, including CEO Brian Shroder.
SEC requests urgent review
While the tension between the Securities and Exchange Commission (SEC) and Binance continues, new accusations regarding the stock market have come to the fore before the hearing in the US District Court for the District of Columbia. The regulator has requested specific information about customer assets, but BAM, the company behind Binance.US, has so far failed to comply.
The SEC said it wanted BAM’s technological infrastructure and software to be examined, among other areas. Additionally, the agency said, “The limited review the SEC has been able to conduct to date demonstrates the urgent need for an investigation.” he said.
“The need for investigation has increased”
The Securities and Exchange Commission also commented on several key executives leaving Binance.US, including CEO Brian Shroder.
At Binance.US, head of legal Krishna Juvvadi and chief risk officer Sidney Majalya also decided to leave last week. It was noted that the rapidly increasing mass migration of BAM employees further increased the need for accelerated investigations regarding these issues.
