Binance CEO Changpeng Zhao played it cool in the hours leading up to the hearing in the District Court for the District of Columbia on Sept. 18, posting a picture of branded merchandise with a cheery message about the company’s interns.
He is likely to pay close attention to the court proceedings, however, as the disagreement between the United States Securities and Exchange Commission (SEC) and Binance.US is at a high pitch after a week of adversarial filings.
Magistrate Judge Zia Faruqui is holding a hearing on the SEC’s motion to compel, which Binance has characterized as “unduly burdensome.” The SEC said that Binance is being uncooperative despite agreeing to a consent order on discovery in the SEC’s case against it for unregistered securities operations and other allegations.
How can I get these?
The interns sends me pics to tweet, but not the actual merchandise… ♂️ pic.twitter.com/kNXYuks4Wf
— CZ Binance (@cz_binance) September 18, 2023
Custody of Binance.US customer assets is one of the big questions being put forward by the regulator. Former SEC Office of Internet Enforcement chief John Reed Stark noted in a post on X (formerly Twitter) that Ceffu acknowledges being legally known as Bifinity in its “Terms of Use” page. Bifinity has been identified as part of Binance Group, Stark added. If that is the case, Binance.US customer assets are in practice custodied by Binance and in danger of being siphoned off, observers add.
SEC Lashes Out At Binance, Threatening To Seek A Contempt Order
The litigation war between the U.S. Securities and Exchange Commission (SEC) and Binance continues to heat up exponentially.
Specifically, thanks to some limited “judicial unseali
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Author: Derek Andersen
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