Inconsistent Claims About Wallet Provider Ceffu in SEC’s Filing Against Binance
The United States Securities and Exchange Commission (SEC) has contradicted Binance’s claims in court documents by stating that wallet provider Ceffu is indeed “Binance-related.” The SEC made this assertion in its latest filing regarding its motion to compel against BAM, the holding company for Binance.US. The filing also argues against Binance’s request for a protective order, calling it meritless and a “house of mirrors.”
SEC Raises Concerns about Ceffu’s Control of Customer Assets
The SEC raised questions about Ceffu’s control of customer assets in a memorandum filed on September 14. In response to Binance’s resistance to the SEC investigation, the agency emphasized the urgent need for an inspection and requested that the court order the inspection. The SEC also refuted Binance’s claim that it is merely a third-party vendor, highlighting its common ownership with BAM and referencing Binance CEO Changpeng Zhao.
Depositions Sought from Former Binance.US Executives
The SEC is seeking depositions from former Binance.US CEO Brian Shroder and CFO Jasmine Lee. Binance.US has argued that these depositions would disrupt BAM’s business. The ongoing legal battle between the SEC and Binance is expected to be settled in a hearing on September 18.
Hot Take: SEC Challenges Binance’s Claims and Urges Inspection
The SEC continues to challenge Binance’s claims and calls for an inspection as part of its investigation into the company. The latest filing asserts that wallet provider Ceffu is indeed related to Binance, contradicting previous statements by the company. The SEC also disputes Binance’s characterization of itself as a third-party vendor and emphasizes its common ownership with BAM. The outcome of the hearing on September 18 is expected to have significant implications for the ongoing legal proceedings between Binance and the SEC.
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