Court action follows similar CFTC complaint, names CEO Changpeng Zhao in “plan to evade U.S. laws.”
The SEC action on Monday follows a March 28 complaint from the Commodities Futures Trading Commission that similarly the company failed to register as a futures commodity merchant. Earlier that month, three U.S. senatorsto Binance, seeking information about its finances and saying that the exchange’s “apparent attempts” at evading U.S. laws regarding securities and money laundering “cast serious doubt on the stability and legitimacy of Binance.
The new SEC suit claims that starting in or around 2018 Binance “designed and implemented a multi-step plan to surreptitiously evade U.S. laws.” Binance’s crypto currency, the bnb coin, fell about 5% in hour after the suit was revealed, to $284.06, according toForbes - Image of BNB price according to CoinGecko dataOne possible ramification of the SEC charges, especially in light of the earlier CFTC action, is that investors will shun BinanceUS, the American subsidiary, with rival exchanges Coinbase and Kraken potential beneficiaries, according to Javier Paz, director of data and analytics for Forbes Digital Assets.
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