Former SEC official: The SEC and the Department of Justice may seek evidence from the former CEO of Binance.US

Odaily Planet Daily News John Reed Stark, former director of the SEC’s Office of Internet Enforcement, clarified the complexity of the US SEC v. Binance case in a recent tweet. He highlighted Binance.US subsidiary Bam Trading and the company’s efforts to prevent the SEC from obtaining evidence from its former CEO Brian Shroder and former CFO Jasmine Lee. Stark noted that the timing of Shroder's departure was significant, coinciding with the emergence of potential whistleblowers. He also highlighted Binance’s protective order against the SEC, arguing that the SEC’s discovery request was “overbroad” and “overly onerous.” Stark also commented on the unusual nature of BAM Trading and BAM Management's request to limit SEC testimony to just four BAM employees and exclude six key witnesses, including Brian Shroder and Jasmine Lee. Stark also said that he had not encountered a similar situation during his tenure at the SEC. What’s even more dramatic is that on the same day that Binance’s lawyers filed a motion to oppose the SEC’s seizure of evidence from Shroder, the latter also resigned from the company. In light of these events, Stark speculated that the SEC and DOJ may find opportunities to obtain Shroder's cooperation, especially if he fears criminal prosecution. (Bitcoinist) According to previous news on September 12, Binance.US stated in a revised response document submitted to the SEC that the SEC’s motion to require the exchange’s executives to testify and further disclose information was “too cumbersome” and “reckless” because the SEC has not yet Provide evidence that client funds were transferred incorrectly. In addition, a Binance.US spokesperson stated that CEO Brian Shroder has resigned and will be temporarily replaced by Chief Legal Officer Norman Reed.