CZ Denies Binance.US Used Ceffu or Binance Custody in Apparent Contradiction


19 Sep 2023 2:25 PM

Binance.US previously told a DC court it used custody software offered by Binance’s international arm that was later rebranded Ceffu....

  • Changpeng "CZ" Zhao, the founder and CEO of Binance, denies that Binance.US used custody software provided by its international counterpart, Binance Holdings Ltd (BHL), contradicting previous statements made by Binance.US in legal filings.
  • The Securities and Exchange Commission (SEC) is investigating Binance Custody (later rebranded as Ceffu), a wallet service, to ensure that Binance.US assets are not transferred overseas.
  • Binance.US, identified as BAM in court filings, previously stated that it used custody software developed by BHL and marketed as Ceffu. However, CZ claims that Binance.US never used Ceffu or Binance Custody.
  • The SEC discovered that Ceffu's website referenced Binance and suggested a relationship with Binance Institutional Holdings Limited and Binance Institutional SG Pte, but references to Binance were later removed.

The article highlights a contradiction between CZ's denial and previous statements made by Binance.US in legal filings. The SEC's investigation adds further complexity to the situation. Overall, the sentiment is neutral.

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You May Ask

Did Binance.US use custody software provided by Binance Holdings Ltd (BHL)?What is the purpose of the SEC's investigation into Binance Custody/Ceffu?What did CZ state in his tweet regarding Binance.US and Ceffu/Binance Custody?What contradictions exist between Binance.US's statements and CZ's denial?What information did the SEC discover about Ceffu's relationship with Binance?

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