The post U.S. SEC Found CZ’s ‘Backdoor’ Access to Users Fund appeared first on Coinpedia Fintech News
The U.S. Securities and Exchange Commission (SEC) is looking into whether Binance founder CZ still has control over user funds on Binance US. This investigation comes on the heels of CZ’s recent guilty plea to charges by the U.S. Department of Justice (DOJ).
CZ’s ‘Backdoor’ Access to Users Fund
As part of the settlement with the DOJ, CZ resigned from his position as Binance CEO, securing release from jail on a substantial $175 million personal recognizance bond. The charges against him relate to the alleged operation of an anti-money laundering system.
The SEC is now laser-focused on obtaining evidence that CZ might still have a ‘backdoor’ entry to Binance US assets, according to an exclusive report by the Wall Street Journal.
This scrutiny comes in the wake of a lawsuit filed by the SEC in June 2023, accusing Binance of operating a securities exchange illegally. Si
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