We all thought the BINANCE saga would end with CZ resigning from the job and settling the case with a record $4.3 billion fee but, alas, it's not to be.
Not yet, anyway.
The US Department of Justice (DOJ) is happy with the result but, guess who, our old friend Gary isn't.
The Chair of the SEC, Gary 'ETH may or may not be a security' Gensler is still hungry. Still out for blood.
The SEC is looking for evidence that Binance (US) had a backdoor to potentially siphoon customer funds away from the platform, which is what FTX did.
Binance hasn't done that, but that's not enough for the SEC.
They know that Binance hasn't commingled customer assets, but they also want to make sure they couldn't have done that if they tried.
Binance US' legal team asked the SEC to get over it (not in those terms) and to fcuk right off (not in those terms) because there's no evidence.
But SEC gonna SEC and they want more.
I'm fairly confident this'll turn into a nothingburger.
But it means the saga is not over yet.
