Binance.US Clarifies $2B User Funds Amid SEC Allegations

• The SEC has alleged that Binance CEO Changpeng “CZ” Zhao and Guangying ‘Helina’ Chen received billions of dollars in customer funds through their holding company.
• CZ expressed uncertainty about the accuracy of the allegations on Twitter, suggesting that the misinformation may have originated from either the journalist or the source of the information.
• According to Binance.US, user funds on the platform are estimated to be approximately $2 billion in USD equivalent, subject to fluctuations due to cryptocurrency price changes.

CoinDesk Article About Binance US

Allegations Against Binance US

The Securities and Exchange Commission (SEC) has recently alleged that Binance CEO Changpeng “CZ” Zhao and Guangying ‘Helina’ Chen received billions of dollars in customer funds through their holding company. This allegation was supported by testimony from Sachin Verma, an accountant employed by the SEC. In response to these claims, CZ expressed uncertainty about their accuracy on Twitter.

User Funds On Binance US

According to Binance.US, user funds on the platform are estimated to be approximately $2 billion in USD equivalent at any given time, subject to fluctuations due to cryptocurrency price changes. However, some users have chosen to withdraw their assets in light of recent news regarding this situation which could lead to a decrease in total user funds on the platform overall.

Response On Social Media

The article caused a stir within social media platforms such as Twitter where @RektUSD commented that it is not logical for CZ fight against this situation as it is a propaganda war machine from the U S Government and CZ responded with disbelief that they ever had $12 billion worth of user funds on Binance US when it has never even been close before.

Court Hearing Regarding The Situation

In order for this case to move forward legally speaking there will be a court hearing addressing SEC’s request for temporary restraining order which would freeze assets located on Binance US until further investigations can take place and decisions can be made regarding this situation.

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