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Key Points:<ul><li>SEC investigates alleged ‘backdoor’ access to Binance US funds post CZ’s resignation.</li><li>Coinbase’s stock hits a new peak amidst Binance’s legal challenges and leadership changes.</li><li>Newly appointed CEO Richard Teng pledges enhanced regulatory compliance for Binance.</li></ul>In the aftermath of Binance’s founder and former CEO <a href="https://cryptosnewss.com/changpeng-zhaos-x-account-restriction-a-glimpse-into-social-media-algorithm-challenges/" rel="noopener noreferrer nofollow">Changpeng</a> ‘CZ’ Zhao pleading guilty to criminal charges filed by the United States Department of Justice (DOJ), the spotlight now turns to the ongoing scrutiny by the US Securities and Exchange Commission (SEC). Reports indicate that the SEC is actively investigating whether CZ still maintains ‘backdoor’ access to Binance US user funds, despite his recent resignation from the CEO position.CZ’s resignation was part of a settlement with the DOJ, which also involved his release from jail on a $175 million personal recognizance bond. The charges against him were related to the operation of an anti-money laundering system, marking a significant development in the regulatory landscape for cryptocurrency exchanges.The <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-11-27-2023/card/sec-keeps-pressing-for-evidence-of-potential-fraud-at-binance-us-FteJJJqSg6PWXrwquJul" rel="noopener noreferrer nofollow">Wall Street Journal</a> has revealed that the SEC is keen on finding evidence that CZ could continue to influence or access Binance US assets. This comes in the wake of the SEC’s June 2023 lawsuit against Binance, accusing the exchange of illegal operation of securities exchange. The SEC is simultaneously exploring the potential for a collapse similar to the FTX fallout in November 2022.Experts have speculated that the SEC may have additional evidence to strengthen its case against Binance, heightening the legal pressure on the cryptocurrency exchange. The legal challenges faced by Binance have created a contrast with its main competitor, <a href="https://coingape.com/ex-sec-chief-says-how-the-binance-settlement-is-a-win-win-for-sec/" rel="noopener noreferrer nofollow">Coinbase</a>, whose stock price ($COIN) recently surged to a new peak of around $121 on November 27, 2023, the highest since May 22, 2022._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/binance-under-secs-lens-allegations-of-backdoor-access-linger-post-czs-guilty-plea/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on November 28, 2023.

Binance Under SEC’s Lens: Allegations of Backdoor Access Linger Post CZ’s Guilty Plea

Cryptos Newss

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