The SEC Binance: Could The Drama Shake Up The Crypto Market?
The US Securities and Exchange Commission and the US division of Binance have entered into a joint stipulation. What happened, and how will it affect the crypto market?
Earlier, Binance.US filed a motion for a protective order, which was opposed by the SEC. After a while, both parties entered into a joint stipulation. The exchange wants to prevent the regulator from requesting depositions of its top executives. Meanwhile, the SEC allowed the exchange to file a memorandum against its secret document. Both sides have asked the court to set a hearing date for 11 September.
Many are speculating about the contents of the SEC's secret 29 August document, suggesting it contains a motion to compel. Essentially, it unleashes a request for the regulator to provide information about Binance.US. Most likely, the "information" is the exchange's financial report.
Binance is smoking some really good shit, they really don't want the SEC asking about historical practices...
— Bitfinex'ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) August 15, 2023
Probably because they're running a ponzi scheme. pic.twitter.com/xBqk2ZV6og
Earlier, several top executives left the company amid the proceedings. Among them, Leon Foong, director of Binance's Asia-Pacific region, Patrick Hillman, Chief Strategy Officer, Ibo Ling, Chief Business Officer, Mayur Kamat, Head of Product and Design, as well as Gleb Kostarev, Binance's director for Eastern Europe, and Vladimir Smerkis, director for the CIS.
The drama between the regulator and Binance.US, whatever turn it takes, could have a major impact on cryptocurrency price dynamics. Historically, September is a weak month for Bitcoin, and the SEC's decision could destabilize the market further.
