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Binance, the world’s largest cryptocurrency exchange by volume, recently made a call for calm in the crypto world with an announcement of a sizable Bitcoin (BTC) transfer from its cold wallet.
Significant Bitcoin Transfer Alert from Binance
Binance recently announced through its official Twitter account that it will be transferring a significant amount of BTC from its cold wallet to a new Bitcoin wallet address. In the statement, it was noted that a substantial amount of BTC would be transferred to the newly disclosed Bitcoin wallet address “1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7t” from the cold wallet, and that this transfer should not cause panic. The massive cryptocurrency exchange, however, did not disclose the amount of BTC to be transferred to the specified wallet address.
Binance in SEC’s Crosshairs
Binance is going through tough times after a lawsuit was opened by the US Securities and Exchange Commission (SEC) alleging that it listed unregistered securities. The latest development in the lawsuit was an agreement reached between Binance US, the cryptocurrency exchange’s US branch, and the SEC to avoid freezing company assets. According to the approved agreement, customer funds and wallet keys will be kept within US borders and only Binance US employees will have access to customer funds.
After the agreement, Binance US made a statement about the lawsuit with the SEC, stating that the SEC did not present any evidence in court of misuse of customer assets. The statement also mentioned that SEC lawyers admitted earlier this week in court that they had no evidence to indicate such a thing. Binance’s US branch also added, “This situation has harmed our business and reputation, but not our fighting spirit or determination to defend ourselves against unfounded accusations and a regulatory approach via enforcement that does not belong in our justice system. We look forward to continuing to defend ourselves in court.”
