TechFlow news — According to a court filing, the SEC is urging a Washington D.C. court to approve an investigation into Binance.US's custody of assets. In the filing, the SEC reiterated its concerns about Binance’s use of the custody platform Ceffu, arguing that findings from the investigation so far indicate an "urgent need for examination."
The SEC claims that "Ceffu" is a Binance entity, not merely a digital asset wallet provider. It stated that Ceffu, which was renamed earlier this year from Binance Custody, may also be serving Binance.US, and has thus been used to move U.S. customer funds out of the country—violating prior agreements. The SEC further accused the company of "providing inconsistent statements on key facts, producing documents and information slowly and in small batches, and obstructing entire categories of information that could expose weaknesses in its handling of customer asset custody."
