Binance CEO Denies Connection to Ceffu
Binance CEO, Changpeng ‘CZ’ Zhao, has addressed the controversies surrounding Ceffu, denying claims that Binance US has any connection with the entity. In a tweet, CZ emphatically stated that Binance US does not use or have any association with Ceffu or Binance Custody.
The SEC Accusations Refuted by Binance CEO
The ongoing dispute between the U.S. Securities and Exchange Commission (SEC) and Binance-affiliated companies, particularly Binance.US, regarding their alleged connection to Ceffu (formerly known as Binance Custody), highlights the complexities of regulatory oversight in the cryptocurrency industry. The SEC has requested more information from BAM (Binance Asset Management) about the handling of customer assets at Binance.US and raised concerns about Ceffu’s control over customer assets. The SEC has also pointed out that BAM is prohibited from using a foreign Binance-affiliated third-party for wallet custody services under a previous consent order.
One of the key issues in this dispute is the perceived lack of cooperation between Binance and the SEC in providing requested information. The SEC claims that Binance has not fully complied with its requests, while the exchange argues that some of the SEC’s requests are overly broad or burdensome. The SEC has also highlighted inconsistencies in Binance’s statements regarding Ceffu’s involvement and its relationship with the exchange, raising questions about transparency and compliance.
Looking Ahead
A District of Columbia (D.C.) district judge encouraged the SEC and Binance to collaborate and find a constructive resolution to their dispute during a recent hearing. Both parties agreed to a scheduled hearing on October 12 and to submit a joint status report to the court by October 10, providing updates on the progress of their discussions and any potential resolutions.
Hot Take: Binance CEO Denies Connection to Ceffu Amid SEC Dispute
Binance CEO, Changpeng ‘CZ’ Zhao, has firmly denied any connection between Binance US and Ceffu, addressing the ongoing dispute with the SEC. The SEC has raised concerns about Ceffu’s control over customer assets and alleged inconsistencies in Binance’s statements. However, both parties have agreed to engage in a formal legal process and collaborate to resolve the issues. The outcome of this dispute will have significant implications for regulatory oversight in the cryptocurrency industry. As the hearings continue, it remains to be seen how Binance and the SEC will reach a resolution.
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