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US SEC Probing If CZ Still Has Access To Binance US Funds: WSJ

The US Securities and Exchange Commission (SEC) continues to reportedly hunt for evidence that CZ still has access to Binance US user funds.
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US SEC Probing If CZ Still Has Access To Binance US Funds: WSJ

In the context of Binance founder and former chief executive officer Changpeng ‘CZ’ Zhao’s pleading guilty to criminal charges by the United States Department of Justice (DOJ), the US Securities and Exchange Commission (SEC) continues to reportedly hunt for evidence that CZ still has access to Binance US user funds.

Also Read: XRP Ledger (XRPL) NFT Upgrade Goes Live on Mainnet

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US SEC On CZ Still Having Access To Binance US Assets

Recently, the Binance founder had resigned from the role of CEO as part of the settlement with the DOJ, which also included release from jail on a $175 million personal recognizance bond. CZ pleaded guilty to charges of defaulting in the form of operating an anti-money laundering system. Meanwhile, the US SEC is in the lookout for proof that potentially shows CZ could continue to have a ‘backdoor’ access to Binance US assets, according to a Wall Street Journal report.

In June 2023, the Commission filed a lawsuit against Binance alleging illegal operation of securities exchange, while at the same time investigating potential for a collapse similar to the November 2022 fallout of FTX. Earlier, CoinGape reported expert comments that said the US SEC could have a fresh array of evidence against the exchange, while arguing in its own lawsuit.

Meanwhile, Binance’s legal debacle coincides with the growth in stock price of its top competitor, Coinbase. The $COIN stock price reached around $121 on November 27, 2023, which is the new peak since as far as May 22, 2022.

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What Next For Binance

Following CZ’s pleading guilty and exit as CEO, Richard Teng, the newly appointed CEO, pledged to enhanced regulatory compliance. This comes as a deviation from CZ’s leadership stance, with Teng wishing to work closely with regulators around the world and build a reputation around trust.

Also Read: Evernode Announces Major Airdrop for XRPL Account Holders

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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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.
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