- Venture capitalist Adam Cochran raised doubts about Binance Holding’s accounting system.
- According to Cochran, Binance US, as a regulated entity, failed to generate an audit report for legal proceedings.
- A post on X highlighted the SEC’s claim that Binance has submitted financial documents without any confirmation or evidence.
Venture capital fund Cinneamhain Ventures partner Adam Cochran recently called out Binance’s U.S. subsidiary for the lack of an accounting system, maintaining minimal records, and struggles to effectively generate an audit report for legal proceedings, despite being “small and regulated.”
So Binance’s US entity which is small and regulated, seems to have no proper accounting method or system, minimal records and can’t successfully produce an audit for the courts.But you think international, with all its cut corners, TUSD deals and Russian shell spin-offs is ok?… https://t.co/mutLPMDd27
— Adam Cochran (adamscochran.eth) (@adamscochran) October 3, 2023
This post on X (formerly Twitter) was a reply to a crypto user’s post highlighting the US SEC’s reaction to Binance’s cash reconciliation table. The SEC stated that desp…
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