Binance US has been under the spotlight ever since the United States Securities and Exchanges Commission (SEC) initiated legal action against it. This legal battle resulted in a decline in trading volume for the firm and significant departures.
In the midst of the ongoing drama, the crypto exchange successfully defended itself against the SEC on September 18th, 2023. The SEC had previously requested an investigation into Binance US, alleging that the custody platform Ceffu was closely linked to Binance and used to transfer the funds of US customers overseas, thus violating their prior agreement.
The SEC specifically sought access to the records and communications of Binance US with its wallet custody service providers. In response to these developments, the crypto exchange argued that the request was excessive, unnecessary, and inconvenient.
Ultimately, District Judge Zia Faruqui denied the request for an inspection. However, the court did instruct the crypto exchange to provide additional documentation and expressed doubts about whether Binance US was indeed in control of its assets.
SEC Request For Inspection Of Binance US Documents Gets Rejected
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
January 15,2025
Intesa Sanpaolo Makes History After Purchasing 11 BTC
January 15,2025
South Korea To Implement New Crypto Regulations
January 15,2025
Tom Emmer Named Vice Chair Of Digital Assets Panel
January 15,2025
Franklin Templeton Claims AI Agents Will Revolutionize Social Media
January 14,2025
Sygnum Bank Reaches Unicorn Status After Raising $58M
January 14,2025
Nate Geraci Predicts ETF Boom As 50 Launches Scheduled For 2025
January 14,2025
Biden Proposes Controversial Export Restriction On AI Chips
January 14,2025
Cardano And Ripple Confirm Partnership Over RLUSD Integration
January 13,2025
Saylor Pushes Aggressive Bitcoin Strategy Despite Volatility Concerns
January 13,2025
United Kingdom Enters Global AI Race With New Action Plan
January 13,2025
Everything You Need To Know About AI Agents
January 13,2025