Binance Is Supposedly Separate From Crypto Custodian Ceffu. The SEC Has Questions
CoinDesk
18 Sep 2023 5:47 PM
As regulators prepare to square off with one of the world’s biggest crypto exchanges in court, Ceffu has denied any ties to Binance or U.S. operations. The reality is murkier....
- The Securities and Exchange Commission (SEC) has sued Binance.US, the international arm of Binance, for allegedly operating an unlicensed securities exchange.
- The SEC is concerned about Binance.US's use of Ceffu, a crypto custody provider, as it may give a foreign entity control over American customers' assets.
- Binance.US claims that Ceffu is merely the market name of wallet custody software developed by Binance Holdings and licensed to the U.S. arm.
- However, Ceffu itself has stated that it is not affiliated with Binance and strongly rejects the SEC's claim.
- Legal documents suggest that Ceffu, known as Bifinity UAB, has ties to Binance, with Binance's CEO being its sole shareholder and board members also working for Binance.
The article presents conflicting claims and information regarding the relationship between Binance.US and Ceffu. The SEC is concerned about the use of Ceffu by Binance.US, while Binance.US and Ceffu deny any affiliation. The sentiment is neutral, as the article provides information from different perspectives without taking a clear stance.
You May Ask
Why is the SEC concerned about Binance.US's use of Ceffu?What claims has Binance.US made regarding its relationship with Ceffu?How has Ceffu responded to the SEC's claim?What evidence suggests a connection between Ceffu and Binance?Has Binance.US provided a response to Ceffu's statement denying any affiliation?Note: The article ends abruptly, and the fifth question cannot be answered based on the given information.