![]() ![]() “While Zhao and Binance publicly claimed that Binance.US was created as a separate, independent trading platform for U.S. The SEC alleged that Binance and its US affiliate weren’t actually independent from each other and improperly functioned as an exchange, broker-dealer, and clearing agency without registering with the agency. “We intend to defend our platform vigorously.”Īfter the case was announced, Bitcoin fell by as much as 6.7%, the steepest decline in almost three months.Īmong other allegations, the SEC said that two Binance-linked tokens, BNB and BUSD, were securities that the firm improperly offered and sold. “While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis,” the firm said. ![]() The exchange also said that the SEC was misguided in not providing clarity over rules for digital assets. The regulator asked that the court freeze Binance assets and appoint a receiver, a request typically reserved for cases in which the SEC fears company property may be lost or concealed.īinance called the complaint “disappointing,” saying it had engaged with the SEC in good-faith negotiations to settle the matter. “The public should beware of investing any of their hard-earned assets with or on these unlawful platforms.” “We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chair Gary Gensler said in a statement. It’s just the latest legal headache for Zhao and Binance. For years, they flouted basic know-your-customer rules by letting Americans improperly open accounts and trade, the watchdog said. In a 136-pagecomplaint filed Monday in US federal court in Washington, the SEC laid out a range of alleged violations against the world’s biggest crypto exchange and its leader. and its Chief Executive Officer Changpeng Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. The US Securities and Exchange Commission accused Binance Holdings Ltd.
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