More Binance Drama

The courtroom tussle between the SEC)and crypto giant Binance has taken a twist. 🌀

The SEC’s bid to inspect Binance.US’s software, seeking potential links to its global counterpart, was shot down by Judge Zia Faruqui. The SEC alleges that Binance.US, claiming to operate separately from Binance, might have skirted American regulations.

Binance.US’s legal team labeled the SEC’s request a “fishing expedition.” Meanwhile, Binance.US’s trading volume has plummeted, with a staggering 98% drop from January 2022 to August 2023. In contrast, Coinbase boasts a daily trading volume of $983 million, overshadowing Binance.US’s $11.2 million.

Adding to the intrigue, Binance CEO, Changpeng Zhao (CZ) clarified on X that Binance.US never used Ceffu or Binance Custody:

However, other users responded to CZ, reminding him that Binance.US has used Ceffu when it was called Binance Holdings.

If CZ provides more clarity, we’ll update this story when it happens. 🗓️

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