24/7 Cryptocurrency News

Binance CEO Opens Up On Ceffu Controversy

Binance CEO Changpeng 'CZ' Zhao has opened up on the broad controversy with Ceffu as peddled by the US SEC
Published by
Binance CEO Opens Up On Ceffu Controversy

Binance CEO, Changpeng ‘CZ’ Zhao has addressed controversies surrounding Ceffu, denying claims that alleged that the company’s U.S. arm has a connection with the entity known as Ceffu.

In his tweet, CZ emphatically stated, “For the record, Binance US does not use, and has NEVER used Ceffu or Binance Custody. You can’t just make this stuff up.”

Advertisement

The SEC Accusations Refuted by Binance CEO

The ongoing dispute between the U.S. Securities and Exchange Commission (SEC) and Binance-affiliated companies, particularly Binance.US, and their alleged connection to Ceffu, formerly known as Binance Custody, underscores the complexities of regulatory oversight in the cryptocurrency industry.

At the heart of the issue is the SEC’s request for more information from BAM regarding the handling of customer assets at Binance.US. The SEC has raised concerns that Ceffu, which it considers a “newly rebranded Binance Entity,” may have control over customer assets. 

The regulatory agency has also pointed out that BAM is prohibited from using a “foreign Binance affiliated third-party for wallet custody services” under a previous consent order.

One of the key issues in this dispute appears to be the perceived lack of cooperation between Binance and the SEC in providing requested information. The SEC has claimed that Binance has not fully complied with its requests, while the exchange has argued that some of the SEC’s requests are overly broad or burdensome.

Additionally, the SEC has highlighted what it views as inconsistencies in Binance’s statements regarding Ceffu’s involvement and its relationship with exchange. These inconsistencies further complicate the situation and raise questions about transparency and compliance.

Advertisement

Looking Ahead

During a recent hearing, held on Monday, a District of Columbia (D.C.) district judge encouraged the SEC and Binance to collaborate and find a constructive resolution to their ongoing dispute, effectively urging both parties to “turn down the temperature.”

In a notable development, both the SEC and Binance agreed to a scheduled hearing on October 12, signifying their willingness to engage in a formal legal process to address the issues at hand. Additionally, they agreed to submit a joint status report to the court by October 10, providing updates on the progress of their discussions and any potential resolutions.

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown

Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…

October 4, 2025