SEC continues to try to prove Binance US involved in fraud and misappropriation of assets, judge urges to stop investigation: Enough

The U.S. Securities and Exchange Commission (SEC) is still actively seeking evidence to prove the existence of a backdoor in Binance.US, similar to how FTX controls user assets. However, the presiding judge seems to be growing impatient with the SEC.

SEC Strives to Prove Binance US Involvement in Fraud and Misappropriation of Assets

According to the Wall Street Journal, the SEC continues to seek disclosure of potential fraud at Binance US, alleging that Binance itself and its founder, Zhao Changpeng (CZ), may have backdoor access to the platform's crypto assets.

The SEC claims that this is similar to fraudulent activities involving FTX, SBF, and Alameda Research in the past.

US Securities and Exchange Commission (SEC) accuses Binance Holdings and Zhao Changpeng of violating securities laws, BNB falls below recent lows, CZ responds 4

Binance US Lawyers Refute Allegations: No Evidence, Investigation Should Cease Immediately

Binance US lawyer Matthew Laroche argues that the SEC has no evidence of asset misuse and requests Judge Zia Faruqui to consider halting the SEC's investigation.

Presiding Judge Zia Faruqui cited Binance and Zhao Changpeng's previous plea agreements with the US Department of Justice, indicating a reduced likelihood of asset misappropriation at Binance US.

He appears to be growing weary of the SEC's continuous accusations without evidence:

At times, I must hold on to the belief that enough is enough.

Note: The DOJ's allegations did not mention charges related to wire fraud:

Binance founder Zhao Changpeng agrees to resign, plea bargain, Binance fined $4.3 billion

Zia Faruqui has requested Binance.US and the SEC to resolve the dispute and provide an update to him by December 15th.