Crypto News – As punishment for the cryptocurrency exchange’s alleged lack of cooperation during an investigation, the SEC has filed a lawsuit against Binance.US.
New Chaos in SEC and Binance.US Case: Is Binance Breaching Agreements?
According to court records, the SEC voiced concerns about Binance.US using Ceffu’s custody services, claiming that this was a violation of earlier agreements intended to stop the transfer of assets abroad.
The evidence submitted by Binance.US’s holding company, BAM, totaled over 220 documents, including screenshots that were difficult to understand and documents without dates or signatures, and the SEC has voiced unhappiness with it. In response, the business insisted that using Ceffu’s wallet services did not provide them access to client monies.
According to SEC, Ceffu Causes Breaches
Federal officials are worried that Binance’s reliance on Ceffu’s custody service constitutes a violation of a prior agreement meant to stop the transfer of funds to foreign jurisdictions. The SEC additionally claims that the case has been significantly delayed as a result of its submission of secret papers in response to earlier demands.
Recently, some case-related documents have been made public after the SEC, Binance, and its U.S. affiliate reached an agreement. With repercussions for the larger cryptocurrency sector, the company’s and the agency’s legal dispute is still in progress.
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