The world's largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit filed by the SEC.
SEC Chair Gary Gensler in a written statement that Zhao and Binance “engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”
In a social media post, Binance said that it has been cooperating with the SEC’s investigation but said that the agency “chose to act unilaterally and litigate.” The lawsuit comes roughly eight months after the collapse of FTX, which was also accused of co-mingling customers’ funds and investing the proceeds in high-risk investments that customers were unaware they were participating in.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC Sues Crypto Exchange Binance, CEO Changpeng ZhaoBREAKING: Crypto exchange binance and CEO cz_binance sued by the SEC on allegations of violating federal securities laws. nikhileshde reports.
Read more »
US SEC sues Binance, founder Zhao alleging securities law violationsThe world's largest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Securities and Exchange Commission on Monday for failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls, as well as for operating an unregistered securities exchange.
Read more »
SEC sues Binance and CEO Changpeng Zhao for U.S. securities violationsBinance and Zhao allegedly undermined the company's own compliance, courted U.S. investors, and traded against its customers using market-making companies.
Read more »
US SEC sues Binance, CEO Zhao for breaking securities rules: BloombergThe U.S. Securities and Exchange Commission has sued Binance Holdings Ltd. and CEO Changpeng Zhao, Bloomberg News reported, citing a federal court filing.
Read more »
SEC Sues Crypto Exchange Binance, CEO Changpeng Zhao Over Multiple Securities Violation AllegationsUPDATE: The price of bitcoin has plunged under $26K as the details roll in from the SEC's suit against Binance and CZ. nikhileshde and IanAllison123 report
Read more »
US SEC sues Binance, founder Zhao alleging securities law violations By ReutersUS SEC sues Binance, founder Zhao alleging securities law violations
Read more »