Kenne Michael 
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance.US, alleging it of failing to cooperate during an investigation.
Court documents have unveiled that the SEC expressed concerns regarding Binance.US’s utilization of custody services provided by Ceffu, alleging a breach of previous agreements intended to prevent the transfer of assets overseas.
The SEC has voiced dissatisfaction with the evidence presented by Binance.US’s holding company, BAM, which consisted of approximately 220 documents, including confusing screenshots and documents lacking dates or signatures.
The company has refuted these allegations, asserting that their utilization of Ceffu’s wallet services did not entail access to customer funds.
Federal regulators are apprehensive about Binance’s dependency on Ceffu’s custody service, as it contradicts a prior agreement to prevent the offshore movement of assets.
Additionally, the SEC claims that submitting sealed documents in response to earlier requests has caused substantial delays in the case.
This legal dispute has generated significant attention within the cryptocurrency industry, impacting investor sentiment and trading volumes on other exchanges, including Binance.US, which has recently seen the departure of its executives.
In a recent development, the SEC and Binance, along with its U.S. affiliate, have concurred to unseal several relevant documents.
The ongoing legal battle between the company and the regulatory agency continues to evolve, with potential repercussions for the broader cryptocurrency sector.
