According to Adam Cochran, there are claims that Binance US is denying ownership of BHL/Ceffu to the SEC. Ceffu is owned by Bifinity UAB, which is an EU registered entity formerly known as Binance Connect.
SEC filings indicate that Helen Hai, Binance’s head of global fiat, is running Bifinity. Binance US claims that they do not commingle funds with international entities but cannot move funds away from their custodian, which is Bifinity.
However, Binance’s own blog states that Bifinity is wholly owned by Binance International. Therefore, when Binance US claims that the funds were never in possession of Binance International, it implies that they were with their custodian, who happens to be Binance International. Binance has refused to provide the court with information about their relationship with “Ceffu.”
Recent filings by the SEC in the Binance case, although heavily redacted and sealed, apparently contain significant evidence and testimony against claims made by Binance. This development seems to be related to unusual Chinese OTC trading activity.
The testimony of an external auditor is mentioned, indicating concerns about Binance US’s books. The suggestion is made that if a small entity like Binance US has issues with bookkeeping, the international operations must be even more chaotic.
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