According to the US Securities and Exchange Commission (SEC), they are still looking for evidence to determine whether Binance and its founder CZ have a backdoor to control assets stored on the Binance.US platform.

In June, the US Securities and Exchange Commission sued Binance and Binance.US, accusing them of operating an illegal securities exchange, and their lawsuit has so far relied on the agency's concerns that Binance may have embezzled US encrypted assets using fraud similar to FTX.

Binance and CZ admitted to criminal charges last week and essentially resolved a long-standing US investigation related to anti-money laundering controls and compliance with sanctions laws, but the Department of Justice's case did not include allegations of Binance's abuse of its clients' encrypted assets.