In an ongoing legal battle, the leading cryptocurrency exchange Binance has failed to meet the Securities and Exchange Commission (SEC) deadline to submit audited accounting documents. The company has requested an extension of the submission deadline.
Court documents reveal that BAM Trading Services Inc. and BAM Management US Holdings Inc., jointly referred to as BAM, have formally requested an extension of the deadline for serving the SEC with a verified written accounting. This request aligns with a Consent Order issued on June 17, 2023.
BAM originally had a deadline of August 1. However, due to the extensive volume of information that needs verification, they are now requesting an extension. Rest assured; BAM is diligently working towards fulfilling this requirement.
ABCON Urges Nigerian Government To Ban Binance
Simultaneously, Binance faces escalating regulatory challenges in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON), a self-regulatory body for central bank-licensed Bureaux de Change (BDC), is urging the Nigerian Federal Government to ban Binance’s activities in the nation.
ABCON cites the exchange’s impact on the naira’s pressure and liquidity in both the parallel market and the Investor and Exporters window. Alhaji Aminu Gwadabe, ABCON’s president, emphasized the need to bolster liquidity and confidence in the foreign exchange market by prohibiting Binance.
Gwadabe noted a shift from positivity to pessimism in Nigeria’s forex market sentiment, a change that could affect citizens’ confidence and global currency dynamics. The Nigerian Securities and Exchange Commission (SEC) had previously cautioned local investors against involvement with the exchange on July 28.
The SEC cited an exploitative entity fraudulently using the exchange brand. It declared Binance’s lack of authorization to operate within the country, leading the exchange to issue a cease and desist notice to Binance Nigeria.
As facing increasing regulatory scrutiny worldwide, the exchange is confronted with missed SEC deadlines and mounting opposition from ABCON, highlighting the numerous challenges the company currently faces.
The future operations of the exchange, both within the United States and internationally, remain uncertain due to legal and regulatory obstacles. The crypto industry is continually adapting to evolving regulatory landscapes, with Binance taking a leading role in these ongoing discussions.
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