🌋 SEC Investigating Binance.US for Potential Backdoor
posted 28 Nov 2023
The regulator is investigating whether the platform possesses a
mechanism to potentially control customer assets, similar to FTX.
Attorneys representing Binance.US
argued that the SEC lacks evidence of asset misuse, noting that
platform assets have plummeted nearly 90%, and its user base has halved
since the SEC initiated the lawsuit.
A court order mandates that CZ, the founder of Binance, cannot leave the US until his scheduled sentencing on February 23, 2024.
At the same time, BitMEX founder Arthur Hayes commented on CZ’s lawsuit, stating:
“Obviously,
the treatment of CZ and Binance is absurd and only highlights the
arbitrary nature of punishment at the hands of the state.”
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