SEC Lawsuits Against Binance and Coinbase Shake Up Crypto Industry
Former Binance.US CEO Catherine Coley, known as "BAM CEO A" in the SEC's suit against Binance, provided testimony to the SEC in 2022 during its investigation of the company for insider trading. Her testimony has resurfaced as an exhibit in the SEC's new case against the cryptocurrency exchange. The passages mainly concern the separation of Binance and Binance.US, which was the subject of major allegations in the SEC suit. Coley was frustrated with Binance.US' lack of independence and wanted control over the custody of tokens and trading data.