crypto exchangeUS SEC asks court to investigate Binance.US custody issues

US SEC asks court to investigate Binance.US custody issues

According to a court filing, the SEC urged the Washington, D.C., court to approve an investigation into Binance.US asset custody issues. In the filing, the SEC reiterated its concerns about Binance’s use of custody platform Ceffu, arguing that the findings of the case so far indicate that “ An inspection is urgently needed”.

The SEC claimed that “Cefu” is a Binance entity and not just a digital asset wallet provider. The SEC said Ceffu, which changed its name from Binance Custody earlier this year, may also have provided services for Binance.US and was therefore used to move U.S. customers’ funds out of the country, in violation of previous agreements. The SEC further accused the company of “providing inconsistent representations of key facts, being slow to provide documents and information on a small scale, and obstructing entire categories of information that could expose unreliability regarding its custody of client assets.”

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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