{"id":59722,"date":"2023-09-20T04:29:52","date_gmt":"2023-09-20T08:29:52","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=59722"},"modified":"2023-09-20T04:30:21","modified_gmt":"2023-09-20T08:30:21","slug":"u-s-sec-alleges-binance-us-in-250m-suspicious-fund-transfers","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/u-s-sec-alleges-binance-us-in-250m-suspicious-fund-transfers\/","title":{"rendered":"U.S. SEC Alleges Binance.US in $250M Suspicious Fund Transfers"},"content":{"rendered":"\n

The U.S. Securities and Exchange Commission<\/a> (SEC) has expressed concerns about Binance's questionable fund transfers, according to court records.<\/p>\n\n\n\n

\"U.S.<\/figure>\n\n\n\n

In publicly released court documents\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the SEC reported that on June 6, Binance CEO Changpeng Zhao withdrew $250 million from Binance.US Subsidiary BAM Management and subsequently transferred this sum to BAM Trading, the entity behind Binance.US.<\/p>\n\n\n\n

Moreover, the transaction encompassed a $183 million loan from BUSD issuer Paxos Trust Company to BAM Trading.<\/p>\n\n\n\n

Nevertheless, Binance.US's legal team countered this by asserting that BAM Management US Holdings had issued a $250 million convertible note to Zhao in December.<\/p>\n\n\n\n

Zhao used BUSD to acquire the note, with $183 million sent to Paxos Trust Company to convert BUSD into USD, which was subsequently transferred to BAM Trading in January 2023.<\/p>\n\n\n\n

Previously, the SEC had accused Binance.US of non-cooperation with the investigation and raised concerns about its utilization of custody services provided by Ceffu, allegedly violating previous agreements to prevent asset outflows overseas.<\/p>\n\n\n\n

Binance.US responded by affirming that concerns regarding Ceffu were unfounded, and the SEC's request for additional documents was viewed as an attempt to gather evidence.<\/p>\n\n\n\n

They clarified that establishing a wallet through Ceffu did not grant the international division of the company custody or access to customer funds.<\/p>\n\n\n\n

This recent development follows a court decision on September 18 to reveal previously sealed documents related to the Binance lawsuit<\/a>.<\/p>\n\n\n\n

As the legal dispute persists, both parties remain steadfast in their positions, creating uncertainty about the eventual outcome.<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) has expressed concerns about Binance’s questionable fund transfers, according to court records. In publicly released court documents , the SEC reported that on June 6, Binance CEO Changpeng Zhao withdrew $250 million from Binance.US Subsidiary BAM Management and subsequently transferred this sum to BAM Trading, the entity behind […]<\/p>\n","protected":false},"author":56,"featured_media":59734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,834],"tags":[326,1182,1749,12121,143],"class_list":["post-59722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-binance","tag-binance","tag-binance-us","tag-changpeng-zhao","tag-cz-2","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Binance-SEC-strike-deal-to-keep-US-customer-assets-in-country.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=59722"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59722\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/59734"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=59722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=59722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=59722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}