The SEC’s case against Binance, a live reading by Liz Lopatto
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What a job!
Binance’s finance team could make transfers without BAM Trading’s knowledge, the complaint claims. At one point, the BAM CEO had to go ask what was up:
For example, in June 2020, when Trust Company B alerted BAM CEO A that BAM Trading’s internal transfers had increased from approximately $10 million per day to $1.5 billion per day, BAM CEO A had no knowledge of such transfers, was unable to verify them because she lacked appropriate account access, and, as a result, had to ask Binance (a purportedly separate and 43 distinct company) about the transfer of billions of dollars in BAM Trading’s own account.
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