The United States Securities and Exchange Commission (SEC) has filed a motion to allow the inspection of Binance.US in a court in the District of Columbia. This move comes as part of a broader legal battle between the SEC and Binance Holdings, which owns Binance.US, over allegations that the firm is operating an unlicensed exchange.
The SEC is particularly concerned about Binance’s new platform, Ceffu, which it believes is a rebrand of Binance Custody and is being used to transfer investors’ money out of the country, contrary to an agreement between the parties. The SEC contends that Binance has failed to provide the necessary documents and information regarding its relationship with Ceffu, leading to the request for an inspection.
Ceffu, on the other hand, asserts that it is an independent third party and not under Binance’s control. The platform claims to provide digital asset wallet solutions to entities outside the United States and emphasizes its commitment to compliance and transparency.
The SEC is seeking an order to compel Binance’s trading services to provide communications and documents related to Ceffu for discovery. The regulator also expressed concerns about inconsistent information and non-compliance by Binance.
The legal battle between Binance and the SEC has been marked by disputes and motions, and a hearing scheduled for September 18 may provide further clarity on the matter.
This case highlights the increasing regulatory scrutiny faced by cryptocurrency entities as regulators seek to enhance oversight and ensure compliance within the crypto industry. It also underscores the importance of clear boundaries and transparency in the operations of crypto exchanges and custody platforms to build trust and maintain the industry’s reputation.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}