SEC Urges Court to Inspect Binance.US Assets Amid Custody Concerns
The U.S. Securities and Exchange Commission (SEC) has filed a court document urging an inspection into Binance.US, accusing the cryptocurrency exchange of failing to produce requested documents. The SEC's concerns include Binance's use of custody platform Ceffu, which it believes may be used to shift U.S. customer funds out of the country in violation of a previous agreement. The regulator also criticized Binance for providing inconsistent representations and slow-rolling document productions. Binance.US claims that Ceffu is an independent third-party technology service provider, but its ties to the exchange remain unclear. A hearing on the case is scheduled for later today.