World's largest cryptocurrency exchange accused of siphoning funds in 'web of deception' The price of Bitcoin crashed by five per cent after the SEC announcement, while Binance shares slumped by 10 per cent
He said: “As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.
In a blog post, Binance suggested the SEC had chosen to “regulate with the blunt weapons of enforcement and litigation rather than the thoughtful, nuanced approach demanded by this dynamic and complex technology” and vowed a “vigorous” defence of the platform. “Rather, the SEC’s actions here appear to be in service of an effort to rush to claim jurisdictional ground from other regulators – and investors do not appear to be the SEC’s priority.”
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.
US accuses world's largest cryptocurrency exchange Binance of mishandling fundsBREAKING: The United States Securities and Exchange Commission has sued Binance, the world’s largest cryptocurrency exchange, accusing the company of mishandling customer funds.
Read more »
US charges crypto giant Binance with 'web of deception'Binance founder Changpeng Zhao says his team is 'standing by' to ensure the platform remains stable.
Read more »
Helmut Marko: Sergio Perez getting ‘wake-up call’ from World Championship ‘dream’'With Sergio, things have not been going well since Monte Carlo. He needs to concentrate more on racing, not on the title.' F1 Perez RedBull
Read more »
Slimming World fans 'obsessed' with quick pasta bake that tastes 'amazing'The dish has been hugely popular with Slimming World dieters on Instagram and Facebook.
Read more »
Former world champion boxer who lost title to Usyk pulls off insane MMA KOKrzysztof Glowacki kicked off his MMA career in the best way possible. The former two-time WBO cruiserweight champion scored an unbelievable first-round knockout win over Patryk Tolkaczewski at KSW…
Read more »
The world is ready for Rose Zhang. Is she ready for the world?Rose Zhang spent her teenage years becoming one of the greatest amateur golfers — male or female — ever. Today, after three rounds at the MizuhoLPGA, Rose leads by two. BFQuinn shares Zhang's journey leading up to the LPGA tour:
Read more »