Seeing its evolution, the legal battle between Binance and the SEC will continue like the Ripple affair. Because the Securities and Exchange Commission seems to have more than one arrow in its quiver. And at the same time, Binance will never admit defeat. Recently, its CEO, Changpeng Zhao, defended his cryptocurrency exchange on X (formerly Twitter). Big plan !
In short
- According to Binance CEO CZ, Binance US has never used Ceffu or Binance Custody
- Yet the SEC has consistently maintained the opposite
CZ from Binance asserts himself on the use of Ceffu
While Judge Faruqui tried to calm things down in the case between the SEC and Binance, Changpeng Zhao did a statement that will completely change the situation.
“ For the record, Binance US does not and has NEVER used Ceffu or Binance Custody.
You can never sue like this. »
In his post dated September 19, CZ retweeted information shared by Altcoin Alerts translated as follows:
“ The SEC has asked a US court to approve an inspection of Binance US. The SEC believes that Ceffu, previously renamed Binance Custody, could also serve Binance US and therefore be used to transfer US customer funds out of the country, in violation of a previous agreement not to do so. »
By investigating this topic, Coinspeaker highlighted an initiative by the CEO of Binance which is similar to a “ trouble on the Ceffu “. However, we are not unaware that Ceffu constitutes a “ point of contention » between the American branch of the first crypto exchange, Binance.US, and the financial policeman, SEC.
So, CZ completely defeated the arguments already put forward by Binance US concerning Ceffu. Indeed, in its legal documents, BAM’s legal team admitted to having used custody software provided by Binance Holdings Ltd, Binance Custody.
Coinspeaker specified in its columns that Binance Custody and Ceffu are one entity.
Binance, victim of its inconsistent statements?
Our colleague from Cointelegraph clarified that Binance.US mentioned in a court filing on September 15 that the American crypto exchange had already used Ceffu. “We license the portfolio custody software and support services of Ceffu (formerly Binance Holdings Limited). The Ceffu solution makes up the majority of our portfolio technology “, he said.
From there comes theinconsistency between Zhao’s statements and those of Binance US lawyers. However, the SEC started from the idea that no digital asset held by Americans, even Binance’s BNB crypto, should be transferred to a foreign country. And Binance, through an agreement with the American regulator, must respect this rule.
Meanwhile, the company behind the preservation software Ceffu denied any connection with Binance.US. His press release of September 15 (unfortunately unavailable after investigation on our part), mentioned a provision of services “ in certain jurisdictions, excluding the United States, among others “.
It is completely understandable if the SEC thinks it is lost in this whole story. Didn’t she point out Binance’s lack of willingness to cooperate to resolve the matter recently? Sometimes, CZ and his team tend to play it crazy, let’s face it.
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