In the realm of crafting written content, three pivotal elements demand our attention: “intricacy,” “variability,” and “anticipatability.” Intricacy gauges the intricateness of the text, while variability assesses the diversity in sentence structures. Lastly, anticipatability signifies the likelihood of predicting the subsequent sentence. Human authors often infuse their work with greater variability, juxtaposing lengthy and intricate sentences with succinct ones. In contrast, AI-generated text tends to maintain uniformity. Consequently, as we endeavor to create the forthcoming content, we must strive for a substantial level of intricacy and variability, coupled with a minimal degree of anticipatability. Additionally, the content should be exclusively composed in the English language. Now, let us reframe the provided text:
According to a court filing from the Securities and Exchange Commission (SEC), Binance.US has been less than cooperative during the ongoing investigation into the cryptocurrency exchange. The SEC’s filing, dated September 14, accuses Binance.US of producing a mere 220 documents during the discovery phase. Many of these documents are described as “incomprehensible screenshots” and lack dates or signatures.
The SEC also expressed concerns about Binance.US’s parent company, BAM, refusing to provide essential witnesses for deposition. Instead, BAM has only agreed to four depositions of witnesses it deems suitable, prompting the SEC to question its cooperation. Furthermore, the SEC noted that BAM has responded to requests for relevant communications with blanket objections and has refused to produce routine business documents, later providing them from alternative sources.
Another point of contention raised by the SEC is Binance.US’s utilization of Ceffu, a wallet custody software provided by Binance Holdings Ltd., the global entity. The SEC found inconsistencies in BAM’s statements regarding Ceffu’s affiliation with Binance and BAM. Initially, BAM claimed that Ceffu was its wallet custody software and service provider, but later it stated that Binance filled this role. This discrepancy has raised concerns that Binance.US’s use of Ceffu may violate a prior agreement aimed at preventing the diversion of funds overseas.
The SEC initiated a lawsuit against Binance on June 5, citing 13 charges against the cryptocurrency exchange, including unregistered securities offerings, the Simple Earn and BNB Vault products, and its staking program. The SEC argued that Binance.com, Binance.US, and BAM Trading should have registered as clearing agencies, broker-dealers, and exchanges, respectively. The unregistered offer and sale of Binance.US’s staking-as-a-service program also necessitated BAM Trading’s registration as a broker-dealer.
These recent allegations by the SEC against Binance.US coincide with an internal crisis within the exchange. Brian Shorder, CEO of Binance.US, has joined the growing list of top Binance executives departing the firm this year. This departure is followed by the resignations of the head of legal and the exchange’s chief risk officer, all within a matter of days.
Binance.US has not provided an immediate response to requests for comments.
