The U.S. Securities and Exchange Commission (SEC) has accused Binance.US of failing to cooperate fully in an ongoing investigation. The regulatory agency highlighted that Binance.US’s parent company, BAM, produced only 220 documents during the discovery process. The SEC noted that most of these materials consisted of “incomprehensible screen captures and documents lacking dates or signatures.”

In a further statement, the regulatory body expressed frustration at BAM’s refusal to provide essential witnesses for testimony, instead permitting only four selected witnesses to testify unilaterally.

This development raises concerns about the level of cooperation and transparency exhibited by Binance.US and its associated entities during the regulatory investigation. The SEC emphasizes the importance of complete and transparent cooperation during such investigations to ensure a fair and thorough examination of the matter at hand.

The cryptocurrency industry has been under increased scrutiny globally as regulators seek to establish frameworks and guidelines to govern this rapidly evolving sector. Compliance with regulatory standards is vital for maintaining the trust of users and investors, as well as for the sustainable growth of the cryptocurrency market.

Both Binance.US and BAM will need to address these allegations and work towards fostering a cooperative and open dialogue with regulators to resolve the ongoing investigation. The outcome of this investigation will likely have implications not only for the companies involved but also for the broader cryptocurrency industry and its regulation in the United States.