“The ongoing DOJ and SEC cases vs. Binance may have dissuaded market makers from trading on Binance, explaining parts of the decline,” K33 Research senior analyst Vetle Lunde said. “Some market making has probably leaked to other exchanges, but it’s still almost certain that Binance’s woes negatively impact market volumes,” he added. Original
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
The SEC has received approval to unseal several documents to further its Binance.US investigation and accused the company of noncooperation. The United States Securities and Exchange Commission (SEC) has accused BInance.US of refusing to fully cooperate with its ongoing investigation. According to the SEC, Binance.US is deliberately providing inadequate or unclear information as part of the investigation. In a September 14 court filing, the SEC said BAM, Binance.US’ holding company, has only submitted 220 documents as part of the discovery process. The SEC added that most of the documents “consist of…
The United States Securities and Exchange Commission (SEC) has failed to win immediate access to Binance.US’s software in a Sept. 18 hearing, with the judge saying he isn’t “inclined to allow the inspection at this time.” The hearing was held to discuss SEC’s motion to compel Binance to hand over detailed information and make its executives more available for depositions, which has been a point of contention between the two over the past week. In a hearing, Judge Faruqui said that he wasn’t “inclined to allow the inspection at this…
Hester Peirce, one of five commissioners with the United States Securities and Exchange Commission (SEC) and an outspoken proponent of crypto, has urged lawmakers and regulators for clarity on digital assets. Speaking to Cointelegraph at the Permissionless II conference in Austin, Texas on Sept. 11, Peirce said she wouldn’t have expected the SEC to be “this far behind” in finding a solution for a regulatory framework on cryptocurrencies when she joined the commission in 2018. She pointed to countries like Switzerland and Singapore as seemingly ahead of the curve on…
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
In its latest filing regarding its motion to compel against BAM, the holding company for Binance.US, the United States Securities and Exchange Commission (SEC) has claimed that wallet provider Ceffu is indeed “Binance-related.” This is in contradiction to claims made by Binance in earlier court documents. The redacted filing argues again that Binance’s request for a protective order against the SEC investigation is meritless. It calls for the court to deny that request. Binance made the request in the U.S. District Court for the District of Columbia on Aug. 14, calling…
In June, the watchdog sued Binance.US, the exchange’s global parent Binance Holdings and founder Changpeng “CZ” Zhao, alleging they ran an unlicensed securities exchange. The SEC’s findings in the case so far demonstrate “the urgent need for an inspection,” Monday’s filing said, as the regulator restated its worries about Binance’s use of custody platform Ceffu. Source
Conspiracy theory or one of the biggest scandals in crypto? The term “ETH Gate” has been on the lips of every XRP supporter in recent months and, increasingly, the broader cryptocurrency community. At the heart of this issue is the US Securities and Exchange Commission’s (SEC) decision to classify Ethereum (ETH) as a non-security, contrasting sharply with its ongoing legal action against Ripple and the XRP token.What is ETH Gate “ETH Gate” refers to a theory alleging that the Ethereum Foundation and ConsenSys have fostered close relationships with key individuals…