SEC estimates Binance.US’s earnings since launch at $410.9 million

CFTC files lawsuit against Binance and Changpeng Zhao
CFTC files lawsuit against Binance and Changpeng Zhao

From the start of operation on February 4, 2019 to April 30, 2023, the operator of the US division of Binance received $410.9 million in revenue. The data is contained in the report SEC for the court on a lawsuit against the “daughter” of the bitcoin exchange.

The document was sent by the assistant chief accountant in the law enforcement department of the department, Sachin Verma. The expert summarized the financial information prepared by BAM Trading Services.

According to the specialist’s calculations, the company’s total gross profit for this period amounted to $224.7 million. The highest values ​​​​came in 2021, the time of the bull market.

Data: BAM Trading Services, SEC.

The report filed as part of this lawsuit entails a penalty for underpayment of taxes in the amount of $13.5 million.

On June 5, the SEC sued Binance and Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities.

Reports later emerged that the Commission’s claims were similar to those brought by the agency against the failed crypto exchange FTX and its subsidiary Alameda Research.

Previously filed a lawsuit against Binance and its CEO Changpeng Zhao CFTC.

Recall that Kevin O’Leary, an investor and star of the TV show Shark Tank, called the SEC’s actions an “oxygen shutoff” for Binance and Coinbase.

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