SEC Investigates Allegations of Continued Access to Binance

The US Securities and Exchange Commission (SEC) is actively investigating whether Changpeng 'CZ' Zhao still retains access to user funds on Binance US.

Sec Investigates Allegations Of Continued Access To Binance Us Funds By Cz_65b97bbe0888d.webp

The US Securities and Exchange Commission (SEC) is actively investigating whether Changpeng ‘CZ’ Zhao still retains access to user funds on Binance US. This inquiry follows CZ’s recent plea of guilty to criminal charges brought by the United States Department of Justice (DOJ) and his subsequent resignation as the CEO of Binance, as part of a settlement that included his release from jail on a $175 million personal recognizance bond. The charges CZ faced were related to the alleged failure to implement an effective anti-money laundering system.

Despite these developments, the SEC is now focused on determining if there is any indication that CZ might still have a ‘backdoor’ access to Binance US assets. This ongoing scrutiny by the SEC highlights the regulatory concerns surrounding CZ’s potential influence or control over user funds even after stepping down from his executive role. The SEC is working to collect evidence related to CZ’s continued access to the Binance US fund.

sec investigates allegations of continued access to binance us funds by cz 65b97bbe0d19c

In June 2023, the Securities and Exchange Commission (SEC) took legal action against Binance, accusing the platform of operating a securities exchange unlawfully. Concurrently, the SEC initiated an investigation into the possibility of a collapse reminiscent of the FTX fallout in November 2022. Earlier reports by AZC News featured expert opinions suggesting that the SEC might possess new evidence against Binance, reinforcing their stance in the lawsuit.

Related: Ex-Binance Chief Changpeng Zhao Faces Potential Decade Behind Bars

Coinciding with Binance’s legal challenges is the contrasting success of its primary competitor, Coinbase. On November 27, 2023, the stock price of $COIN surged to approximately $121, marking a new peak since May 22, 2022.

sec investigates allegations of continued access to binance us funds by cz 65b97bbe76356

In the aftermath of Changpeng ‘CZ’ Zhao’s guilty plea and resignation as CEO, the newly appointed CEO, Richard Teng, has committed to bolstering regulatory compliance. This shift represents a departure from CZ’s leadership approach, as Teng expresses a desire to collaborate closely with regulators globally and cultivate a reputation built on trust.

The future trajectory for Binance remains uncertain amidst the legal turmoil and changing leadership, with the company navigating challenges and seeking to rebuild trust in the regulatory landscape.

(100 votes)

5.0/5

(100 votes)

Latest

70% Of Bnb Chain Memecoin Investors Are In Profit

News | Editor Choice | Memecoin

70% of BNB Chain Memecoin Investors Are in Profit – CZ’s “Meme Season” Is in Full Swing

The memecoin wave on the BNB Chain is exploding, with over 70% of investors reporting profits as capital floods in — marking the start of the most vibrant “meme season” ever predicted by CZ.

Paypay Acquires 40% Stake In Binance Japan

News | Editor Choice | Policy & Regulations

PayPay Acquires 40% Stake in Binance Japan

The acquisition of a 40% stake in Binance Japan marks a historic milestone for PayPay, paving the way for the convergence of traditional payments and digital assets, and shaping the future of Japan’s digital finance landscape.

Bitcoin Boom Ahead Institutional And Derivatives Data Reveal

News | Bitcoin | Editor Choice

Bitcoin Boom Ahead? Institutional and Derivatives Data Reveal

Market experts believe that Bitcoin (BTC) is in a phase of accumulation rather than topping, predicting a retest before the next explosive breakout.

Bnb Super Cycle – A Massive Rally Or Binance’s Next Big Bubble

News | Altcoin | Editor Choice

BNB Super Cycle – A Massive Rally or Binance’s Next Big Bubble?

Binance’s BNB token is heating up the crypto market with a series of new record highs, but amid the excitement of the so-called “Super Cycle,” many analysts warn it could just be a bubble waiting to burst.

Bitcoin Cools Off After Record Breaking Rally

News | Bitcoin | Editor Choice

Bitcoin Cools Off After Record-Breaking Rally

After a series of record-breaking gains, Bitcoin suddenly slipped more than 2% on Tuesday afternoon as a wave of profit-taking spread and investor caution returned to the crypto market.

Screenshot 2025 09 10 100533