The Philippines Securities and Exchange Commission recently issued an advisory informing the public that "Binance is NOT AUTHORIZED TO SELL or OFFER SECURITIES" in the country.
Binance has until July 27 to file its response to the CFTC suit, but the exchange is asking the court for permission to exceed the 15-page limit for such responses.
The SEC also alleges that Binance and founder Changpeng Zhao commingled customer assets while moving billions of dollars from its accounts and into various bank accounts ultimately controlled by Zhao.
In its latest report, Reuters claims that Binance violated U.S. financial rules regarding the strict church-state separation of customer funds from company revenue in 2020 and 2021.
Responding to the damning report, a spokesperson from Binance.US denies that Changpeng Zhao has more control over the platform than the execs themselves, adding that Reuters has used "outdated information."
The U.S. Securities and Exchange Commission has opened an investigation into Binance.US over its relationship with two trading firms said to be trading against Binance.US customers.
