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Binance.US clarifies CoinDesk claim about user funds and platform security

binance-us-clarifies-coindesk-claim-about-user-funds-and-platform-security
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Binance.US clarifies CoinDesk claim about user funds and platform security

In a recent CoinDesk article, the Securities and Exchange Commission (SEC) alleged that Binance CEO Changpeng “CZ” Zhao received billions of dollars in customer funds through their holding company.

In response, CZ expressed uncertainty about the accuracy of the allegations.

Journalistic uncertainty

In a June 8 article from CoinDesk, the Securities and Exchange Commission (SEC) alleged that Binance CEO Changpeng ‘CZ’ Zhao and Guangying ‘Helina’ Chen received billions of dollars in customer funds through their holding company. 

According to the SEC, the funds were transferred to firms controlled by Zhao using an intermediary holding company named Key Vision Development Limited.

The article states that these allegations were supported by testimony from Sachin Verma, an accountant employed by the SEC, which will be presented as evidence in the regulator’s request for a temporary restraining order to freeze assets on Binance.US.

https://twitter.com/cz_binance/status/1666848861497831449

A few hours later, CZ took to Twitter to express his uncertainty regarding the accuracy of the claims, suggesting that the misinformation may have originated from either the journalist or the source of the information.

According to Binance.US, the total amount of user funds on the platform is estimated to be approximately $2 billion in USD equivalent, subject to fluctuations due to cryptocurrency price changes. However, the company acknowledged a decline in user funds as some users have chosen to withdraw their assets in light of the recent news.

This elicited another lively response from the Twitter community, with @RektUSD sharing, “CZ understand that you’re not fighting logic here. The US gov is a propaganda war machine.” To which CZ responded, “But $12 billion? The platform (Binance US) never had that much… not even close.”

An active response on Twitter

As the legal battle unfolds, the court hearing to address the SEC’s request for a restraining order is slated for June 13. This hearing will play a pivotal role in determining the next steps and whether the court will grant the SEC’s plea to freeze assets related to Binance. The outcome of the hearing will shed light on the veracity of the SEC’s allegations and the potential impact on Binance’s operations.

Throughout the developing case against Binance, CZ continues to remain active on his Twitter account, responding to user comments and sharing other developments for the Binance platform.