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CZ put up on X about Ceffu and Binance.US contradicts SEC claims, adds to confusion

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“It is far greater than seemingly that BAM restful doesn’t perceive what Ceffu is,” the SEC said after making an are attempting to untangle the derive of relationships between entities.

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After a judge declined to present the US Securities and Alternate Commission (SEC) unfettered get entry to to Binance.US machine at a listening to on Sept. 18, Binance CEO Changpeng Zhao (CZ) took to X (previously Twitter) to fill a statement about one level of rivals with the SEC.

“For the document. Binance US would now not exhaust, and beget NEVER dilapidated Ceffu or Binance Custody. That you could perchance well’t good-attempting fill these items up.” CZ acknowledged in a Sept. 19 put up. CZ’s statements did no longer fill the document any clearer.

For the document. Binance US would now not exhaust, and beget NEVER dilapidated Ceffu or Binance Custody.

That you could perchance well’t good-attempting fill these items up. ‍♂️ https://t.co/JIkIVTf8tc

— CZ Binance (@cz_binance) September 19, 2023

The role Ceffu performed in the Binance.US ecosystem has been a grief for the SEC because Binance.US has agreed to the SEC’s June 17 consent reveal, which said:

“For the avoidance of doubt, U.S.-essentially essentially based mostly personnel for BAM Trading and BAM Management can beget whole maintain watch over over Buyer Fiat Sources and Buyer Crypto Sources.” BAM is the Binance.US maintaining company. Bloomberg reported in Can also objective, citing a 2022 company submitting, that the company that runs Ceffu used to be owned by CZ, who will not be any longer U.S.-essentially essentially based mostly.

Ceffu posted a statement on its net page on Sept. 15 disputing an SEC claim in a Sept. 14 court docket submitting that linked it to Binance.US. Ceffu said that it affords companies “in hang jurisdictions, excluding the US, amongst others.”

Linked: SEC sees short-interval of time setback in request to get entry to Binance.US machine

Nonetheless, a Binance.US doc titled “Binance.US Digital Asset & Custody Operations Policy” that used to be marked “Confidential” and submitted to the court docket on Sept. 15, in a piece titled “Systems. Overview,” it said:

“We license wallet custody machine and increase companies from Ceffu (previously Binance Holdings Restricted). […] The Ceffu solution makes up a majority of our wallet technology.” Binance launched Binance Custody in 2021. Ceffu used to be later rebranded from Binance Custody. In March, a Binance spokesperson told Cointelegraph that Ceffu used to be its “objective institutional custody companion.”

So @cz_binance making an are attempting to claim Binance US by no manner dilapidated “Ceffu” because at the time the agreement used to be signed, Ceffu used to be called “BHL Wallet Resolution” & the entity used to be Binance Holdings Restricted, which later became Ceffu.

However he also forgets, his hang lawyers also admitted the fresh… pic.twitter.com/373LEiNuaD

— Adam Cochran (adamscochran.eth) (@adamscochran) September 19, 2023

In its Sept. 18 court docket submitting, the SEC referred to Ceffu as a “mysterious Binance-related entity” and pointed out that Binance.US has been inconsistent in its descriptions of its relationship with Ceffu in its dealings with the agency. “It is far greater than seemingly that BAM restful doesn’t perceive what Ceffu is,” the SEC said.

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