U.S SEC accuses Binance.US of not cooperating in securities probe as investigations expand into custody unit Ceffu

This week, the U.S Securities and Exchange Commission (SEC) sternly criticized the American crypto exchange Binance.US for not cooperating in an investigation outrageously claiming compliance issues with federal securities law. Besides alleging a breach of an agreement previously stipulated to keep assets from moving overseas, the SEC called out both Binance.US’s holding company BAM and their employment of Ceffu, a custody service operated by the global entity Binance Holdings Ltd. Ambiguous and fuzzy documents with no dates or signatures were at the foremost of the SEC’s primary worries. In response, Binance.US openly repudiated the regulator, deeming it an “unfruitul fishing expedition”. Sadly, catastrophically, this contentious debacle of a notion lead to Binance.US’s chief endowing his position, whilst leaving a third of the company’s employees laid off.

Robert Wilson author
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