Binance US failed to produce accounting statements despite extension
As Binance US countered the United States Securities and Exchange Commission’s (SEC) lawsuit, a federal court recently asked the exchange to provide accounting statements. However, citing complexities, they requested an extension, which was granted. Weeks later, Binance US is yet to submit accounting statements , prompting concerns about compliance. Accounting complexities Joe Carlasare, a partner at Amundsen Davis, LLC, and the Co-chair of the Cryptocurrency, Blockchain, and FinTech group, shared a tweet on Aug. 9 displaying a document indicating that BAM Management US Holdings Inc., which is behind Binance US, had a Consent Order to submit a verified written accounting to the Commission within 45 days of the issuance of the Consent Order by the Court. This would have set a deadline of Aug. 1, 2023. Binance couldn’t deliver a written accounting by the court’s deadline pic.twitter.com/Cn2PNaOCMg — Joe Carlasare (@JoeCarlasare) August 9, 2023 The shared document sho...