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Previous Binance.US CEOs Play Major Role in SEC Suit

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As per the agency’s complaint, Binance former CEOs were instruments in the US SEC (Securities and Exchange Commission) landmark lawsuit against Binance, the cryptocurrency exchange.

According to reports, the Securities and Exchange Commission revealed a 136-page of complaint.

It cited testimonials from “BAM CEO A” and “BAM CEO B”.

These references likely refer to Catherine Coley and Brian Brooks who are previous chiefs of the Binance US.

 Former CEO Testimonials against Binance.US

Catherine Coley and Brian Brooks who were ex-Binance.US CEOs came from a spectacular background in the crypto and finance industry.

Both of them played a pivotal role in the Binance versus SEC lawsuit.

Catherine Coley was an ex-Morgan Stanley executive as well as head of the institutional liquidity at Ripple Labs.

On the contrary, Brian Brooks is an ex-Coinbase legal chief and acting chief of the Comptroller Office of the Currency.

In 2021, both parties went away from Binance after having disputes with Changpeng Zhao Binance CEO concerning his control over Binance.US operations.

The SEC’s complaints depend on the testimonies of these 2 parties.

READ ALSO: After SEC Charges Against Binance, Crypto Liquidations Hit 296 Million Dollar

This is to back allegations of wash trading, faked trading volumes, commingling of funds, and the lack of separation between Binance the parent company, and Binance.

According to the SEC complaint, “BAM Trading,” which is the body behind Binance.US was created as a part of the plan to dodge United States legal scrutiny.

Claims of separation notwithstanding, Zhao still maintained notable control and involvement with the Binance.US platform.

For instance; he employed and directed Catherine Coley as CEO while being in charge of BAM Trading’s trading information.

Furthermore, Binance employees also had signatory power over Binance’s bank accounts which allowed Zhao and Binance to transfer funds without informing Coley or BAM Trading.

Securities and Exchange Commission’s Accusations Rise

SEC also accused Binance.US and Binance of operating as an exchange, broker-dealer and clearing agency in cryptocurrency assets securities without adequate registration.

In addition, various assets such as; BUSD stablecoin and Binance’s BNB token were tagged as unregistered securities.

Meanwhile, Binance.US took to its Twitter account to post a public statement.

Through the statement, it condemned SEC enforcement and called on Congress to create a “workable regulation” for digital assets.

BAM Management, BAM Trading, CEO Zhao, and Binance face 13 counts in the federal court.

According to Binance, it cooperated with the SEC’s investigations and started settlement talks.

However, SEC decided to rather litigate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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