SEC Takes Legal Action Against Binance and CEO for Securities Violations and Misuse of Funds.
TL;DR Summary
The Securities and Exchange Commission (SEC) has filed 13 charges against Binance Holdings, BAM Trading Services, and their founder Changpeng Zhao for violating securities laws. The charges include operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight, and the unregistered offer and sale of securities. The SEC alleges that Binance and BAM Trading earned at least $11.6 billion in revenue from transaction fees from US customers. The complaint also notes that Binance secretly has control over assets staked by US customers in BAM’s staking program.
Topics:business#binance#changpeng-zhao#cryptocurrency#misleading-investors#sec#unregistered-exchange
- SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao SEC.gov
- S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators The New York Times
- SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations CNBC
- SEC Says Binance Misused Customer Funds, Ran Illegal Crypto Exchange in U.S. The Wall Street Journal
- US regulator accuses Binance of misleading investors LocalNews8.com
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