One, Ervin Ursic Kovac told CoinDesk that he’d sent some ether (ETH) to his account on Sept. 12 and sold it for euros, but was unable to withdraw the currency, and was instead greeted with a pop-up message that his account had been closed early with no prior warning. He had been able to withdraw euros on the previous day without issue, Ursic Kovac said. Source
BAM “relies on wallet custody software developed by BHL to maintain the digital asset wallets that hold much of its customers’ assets,” said a Sept. 12 court filing by Binance.US, which is seeking to shake off SEC charges it operated an unregistered crypto exchange, adding that when the company later “learned that BHL was planning to market the software commercially under the name ‘Ceffu,’ it adopted the name as a shorthand reference to the software, including in correspondence with the SEC.” Source BinanceBinance.USCeffucontinuesCustodyDeniesProbeSEC CryptoX Portal
Binance’s staked ether token (BETH) experienced $573 million in deposits across two single days in September, more than quadrupling total value locked to $731 million, DefiLlama data show. Source
The legal struggle between crypto exchange Binance and the United States Securities Exchange Commission (SEC) continues. The SEC has accused Binance.US of noncooperation in the ongoing investigation. The agency points out that Binance.US’s holding company, BAM, has produced only 220 documents during the discovery process. Many of those materials “consist of unintelligible screenshots and documents without dates or signatures,” the SEC said. The regulator added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses it has unilaterally deemed appropriate. Meanwhile, Magistrate…
Ceffu was launched in December 2021, originally as Binance Custody. It rebranded in February 2023, with a new name inspired by Binance’s Secure Asset Fund for Users, which was in turn a play on the crypto term SAFU, or “safe,” and with a logo now distinct from, if vaguely reminiscent of, Binance’s. Source
The U.S. Securities and Exchange Commission (SEC) has accused Binance US of non-cooperation in a probe into alleged federal securities law violations. The SEC has raised concerns over using Ceffu, a custody service facilitated by the international arm of Binance. They believe this breaches a prior agreement designed to prevent the transfer of assets abroad. The holding company of Binance US, BAM, has reportedly been less than cooperative during the discovery phase, the process where evidence is gathered. According to the SEC, BAM has only submitted around 220 documents, many…
The head of legal, Krishna Juvvadi, and chief risk officer, Sidney Majalya, are leaving Binance US following the recent news on layoffs. According to the Wall Street Journal, the departure of both executives follows the recent exit of its former CEO, CEO Brian Shroder. Juvvadi and Majalaya joined the company in May 2022 and December 2021, respectively. On Sept. 13, Binance US, the American branch of the company, fired one-third of its staff. Recently, Binance has faced regulatory issues worldwide in countries like the Netherlands, Belgium, and Russia. The company…
Binance Holdings CEO Changpeng Zhao (CZ) has shot down speculation surrounding the departure of Binance.US CEO Brian Shroder, noting that he is “taking a deserved break” after a successful stint at the company. Binance.US is a subsidiary of Binance Holdings, and the U.S. based exchange has seen a handful of other top executives recently step down from the firm amid lawsuits from the Securities and Exchange Commission and Commodities Futures Trading Commission. In a Sept. 15 statement via X (Twitter), CZ urged people to “ignore FUD” around the recent shuffling…
Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were…
Amidst regulatory confrontations and high-profile exits, Binance finds itself at a crossroads. We look into what is happening with Binance to find out if the exchange can hold its ground. The cryptocurrency giant Binance finds itself sailing through stormy waters, grappling with a series of challenges that threaten to shake its formidable standing in the global crypto market. From escalating legal strains with the US Securities and Exchange Commission (SEC) to an alarming exodus of key personnel amidst increasing scrutiny, the platform seems to be at a critical juncture. Moreover,…