- Collaboration began after recent SEC lawsuits
- Financial regulators in Europe and law enforcement agencies have teamed up with the U.S. Securities and Exchange Commission (SEC) as part of an investigation into the cryptocurrency exchange Binance. The purpose of their cooperation is to reveal more information about the company, whose activities have recently attracted a lot of attention.
For some time now, the SEC has been constantly requesting information about Binance activities in several European states. And after the agency charged the exchange with commingling funds, several of the. However, some European authorities are still analyzing the complexity of the situation with Binance and have not yet responded to SEC requests for information.
It is no secret that Binance has a significant number of companies registered around the world, and many of them are in Europe. The company has a license to operate as a cryptocurrency exchange in countries such as France, Cyprus, Spain, the UK, Ireland, Malta and several other EU countries. Notably, most of the companies registered in these countries reported small revenues, ranging from a few thousand euros to 500,000 euros, but some reported revenues of up to 200 million euros annually.
Some businesses even received loans from Guanyin Chen, a mysterious company shareholder. So the wide distribution and dispersion of information across different countries seems designed to make Binance’s operations less transparent and difficult to understand.
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European countries teamed up with the SEC to investigate Binance
