TechFlow news — On January 14, according to CoinDesk, Binance.US interim CEO Norman Reed said in an interview that the SEC has labeled the company a "hotbed of fraud" without evidence, leveraging its influence to sever the firm's banking relationships. Since the SEC filed suit in June 2023, Binance.US has lost thousands of customers, seen billions of dollars in outflows, and been forced to cut 70% of its workforce.
Reed expects dollar fiat services to be restored within the coming weeks. Against the backdrop of an incoming U.S. administration and the impending end of Gensler's hardline leadership, Binance.US is actively building new banking partnerships and re-engaging with state regulators.
Reed revealed that while Binance Global reached a $4.3 billion settlement with U.S. authorities, Binance.US, as a separate legal entity, was not part of that agreement and remains locked in litigation with the SEC. He emphasized that after thorough investigations, agencies including the DOJ, CFTC, OFAC, and FinCEN have taken no action against the company—only the SEC has filed lawsuits and sought temporary restraining orders to freeze corporate assets.
