SEC valued Binance.US revenue since launch at $410.9 million

From 4 February 2019 to 30 April 2023, the operator of Binance’s U.S. unit earned $410.9 million. The data are contained in a report SEC for the court case concerning the bitcoin-exchange’s subsidiary.

The document was prepared by Sachin Verma, an assistant chief accountant in the agency’s enforcement division. The expert summarised financial information prepared by BAM Trading Services.

According to the specialist’s calculations, the firm’s gross profit for this period totalled $224.7 million. The highest figures came in 2021—the bull market year.

The report filed in connection with this suit carries a penalty for underpayment of taxes amounting to $13.5 million.

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

Subsequently there were reports that the Commission’s claims are similar to the charges brought by the agency against the failed cryptocurrency exchange FTX and its subsidiary Alameda Research.

Earlier, a suit against Binance and its CEO Changpeng Zhao CFTC. 

Investor and Shark Tank star Kevin O’Leary described the SEC’s actions as “a choking off of oxygen” for Binance and Coinbase.