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Business ProfileforBinance.US
Current Alerts For This Business
As of June 17, 2023
The U.S. Securities and Exchange Commission (SEC) and Binance agreed on a consent order and the order helps ensure that Binance.US customers are permitted to withdraw their assets from the platform and that those assets that remain on the platform are protected and remain in the United States.
Specifically, the order (1) requires all of the defendants to repatriate to the United States assets held for the benefit of BAM’s U.S. customers; (2) requires BAM to maintain U.S. customer assets in the United States for the duration of the litigation and to facilitate customer withdrawals; (3) expressly prohibits BAM from transferring any assets or funds, or from providing control over such assets or funds, to co-defendants Binance Holdings Limited, Changpeng Zhao, or their affiliates; (4) restricts BAM from spending assets or funds except for ordinary course business expenses and requires BAM to provide the SEC with oversight over such expenses; (5) prohibits all of the defendants from destroying records; (6) requires all of the defendants to submit expedited sworn accountings of certain assets to the SEC; and (7) requires all of the defendants to submit to expedited discovery by the SEC on the custody and security of customer assets.
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As of June 5, 2023
The Securities and Exchange Commission( SEC) charged Binance Holdings Ltd. (“Binance”), which operates the largest crypto asset trading platform in the world, Binance.com; U.S.-based affiliate, BAM Trading Services Inc. (“BAM Trading”), which, together with Binance, operates the crypto asset trading platform, Binance.US; and their founder, Changpeng Zhao, with a variety of securities law violations.
The SEC’s complaint alleges that BAM Trading and BAM Management US Holdings, Inc. (“BAM Management”) misled investors about non-existent trading controls over the Binance.US platform, while Sigma Chain engaged in manipulative trading that artificially inflated the platform’s trading volume.
The Complaint also charges violations of critical registration-related provisions of the federal securities laws:
Binance and BAM Trading with operating unregistered national securities exchanges, broker-dealers, and clearing agencies;
Binance and BAM Trading with the unregistered offer and sale of Binance’s own crypto assets, including a so-called exchange token, BNB, a so-called stablecoin, Binance USD (BUSD), certain crypto-lending products, and a staking-as-a-service program;
The SEC’s complaint was filed in the U.S. District Court for the District of Columbia on June 5, 2023 under case number 1:23-cv-01599
Link: https://www.sec.gov/newsroom/press-releases/2023-101
At-a-glance
Related Categories
Business Details
- Headquarters
- 252 NW 29th St Ste 905, Miami, FL 33127-3904
- BBB File Opened:
- 10/19/2023
- Business Incorporated:
- 1/15/2020
- Type of Entity:
- Corporation
- Alternate Business Name
- Bam Trading Services Inc.
- Additional Contact Information
Email Addresses
- Primary
Customer Complaints
569 Customer Complaints
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08/08/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Customer Reviews
62 Customer Reviews
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07/01/2024
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