- Adam Cochran says auditors should have no issues with Binance US’ books.
- Cochran criticized Binance over actions in the ongoing case with the SEC.
- The SEC recently accused Binance of non-cooperation in the ongoing probe.
According to Adam Cochran, an experienced fintech executive and angel investor, Binance US is so small that the auditor should have no issues or concerns with their books. Cochran made this statement in a post criticizing the cryptocurrency exchange over actions in the ongoing case with the Securities and Exchange Commission (SEC).
3/3Binance US is so fucking small that an auditor should have no issues or concerns with their books.And if they can't keep those books straight imagine the fucking mess of international…— Adam Cochran (adamscochran.eth) (@adamscochran) September 15, 2023
Cochran shared a post on the X app containing details of a redacted testimony by a Binance auditor. The testimony appeared to focus on Ceffu, a system to which Binance rebranded its assets custody in April 2023. At the rebranding, Binance announced that the move would involve transitioning from an existing domain for Binance custody to a new one.
Highlighting his displeasure, Cochran noted that Binance lied to the court. According to him, Binance’s US custodian was Binance International. However, he said the crypto exchange stated otherwise in an earlier statement. The experienced investor also indicated that the testimony of the external auditors is framed as “auditors’ concerns”, which, in his opinion, is not an ideal thing to do.
Cochran expressed concern over Binance’s ability to manage its international business if it cannot keep the books straight at a smaller unit like the Binance US.
According to reports, the SEC has recently accused Binance of non-cooperation in the ongoing probe. The SEC claimed on Thursday that by using Ceffu, Binance is in breach of a previous agreement to prevent assets from being moved overseas.
The SEC filed that BAM, Binance’s holding entity, has not provided sufficient evidence in the probe. The regulatory body added that BAM provided only around 220 documents, most of which were “unintelligible screenshots” lacking dates or signatures.
Binance US was accused by the SEC of offering staking, clearing, and brokerage services that violate the federal securities law of the United States.
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