The Decrypt report was subsequently updated to reflect Zhao’s assertion. Despite this correction, Zhao maintained that the report contained substantial inaccuracies, though he did not provide specific details regarding these inaccuracies.
This development follows closely behind another contentious issue involving Binance.US and the U.S. Securities and Exchange Commission (SEC). The SEC has leveled accusations against Binance.US, operated by BAM, regarding the management and safeguarding of customer assets. A pivotal court hearing is set for October 12.
The SEC’s dispute with Binance.US centers around an entity referred to as “Ceffu,” which the SEC alleges is a newly rebranded Binance entity involved in customer asset custody. Zhao has vehemently denied these allegations, labeling them as baseless.
Amidst these controversies, Binance has also seen a significant drop in its Bitcoin trading volume. Reports indicate a 57% decrease in the platform’s 7-day average spot trading volume for Bitcoin since the start of September. This decline coincides with intensifying regulatory scrutiny on Binance across multiple jurisdictions.
In addition to US-based concerns, French authorities conducted an investigation into Binance’s office in France last month over allegations of illegal provision of digital-asset services and aggravated money laundering. The exchange has also been ordered to cease operations in Nigeria by the country’s SEC and faces regulatory challenges in several European countries such as Belgium and Austria.
Despite these challenges, Binance continues to operate while addressing regulatory concerns and correcting public misinformation.
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Source: Cryptocurrency - investing.com
