- Cooperation began after recent SEC lawsuits
- Some countries have not yet complied with the Commission’s requests for information
European financial regulators and law enforcement agencies united with the US Securities and Exchange Commission (SEC) as part of an investigation into the Binance cryptocurrency exchange. The purpose of their collaboration is to reveal more information about the company, whose activities have attracted a lot of attention lately.
For a certain period of time, the SEC has been constantly requesting information about Binance’s activity in several European countries. And after the agency accused the exchange of mixing funds, several of them began to act. However, part of the European authorities are still analyzing the complexity of the situation with Binance and have not yet responded to requests from the SEC for information.
It’s no secret that Binance has a significant number of companies registered around the world, many of which are located in Europe. The company is licensed to operate as a crypto exchange in countries such as France, Cyprus, Spain, the UK, Ireland, Malta and a number of other EU countries. It is noteworthy that most of the companies registered in these countries reported small revenues, from a few thousand euros to 500,000 euros, but some of them reported revenues of up to 200 million euros annually.
Some businesses even received loans from Guanying Chen, the company’s mysterious shareholder. Thus, the wide dissemination and dispersal of information across different countries seems to be intended to make Binance’s activities less transparent and difficult to understand.