Friday, April 12, 2024
Friday, April 12, 2024
Friday, April 12, 2024

SEC Files Lawsuit Against Binance, Alleging Illegal Operations in the US

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Binance, the world’s largest cryptocurrency exchange, is facing legal action from the Securities and Exchange Commission (SEC) for allegedly running an illegal exchange within the United States. The lawsuit, filed in federal court in the District of Columbia, names Binance’s founder, Changpeng Zhao, as the defendant, Your Content has learned.

According to the SEC, Binance mishandled billions of dollars belonging to its customers. The complaint, filed on Monday, includes 13 charges against Binance, accusing the company of deceiving regulators and investors about its operations. Additionally, the SEC claims that Binance secretly mixed investor assets with those of a third-party firm, Merit Peak Limited, also controlled by Zhao.

Gurbir S. Grewal, director of the SEC’s enforcement division, stated, “We allege that Zhao and the Binance entities not only knew the rules but also consciously chose to evade them and put their customers and investors at risk.”

In response, Zhao expressed that he has not yet seen the complaint and mentioned that his team is working to ensure stability in Binance’s systems. The news of the lawsuit caused a significant drop in the price of Binance, with 1 BNB falling to $284.79 in just half an hour after the announcement.

This legal action against Binance follows the SEC’s previous criminal charges against Sam Bankman-Fried, founder of FTX, for orchestrating an investor fraud scheme. FTX was a competitor to Binance until it filed for bankruptcy last year.

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SEC Chair Gary Gensler commented on the Binance suit, saying, “Through thirteen charges, 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.” Gensler warned the public to be cautious when investing in platforms like Binance, emphasizing the need for awareness and caution.

Aside from the SEC’s lawsuit, Binance is also under investigation by the Justice Department for potential money laundering violations. Furthermore, the exchange lost its auditing firm Mazars last year when they announced their decision to no longer work with cryptocurrency companies, according to DailyMail.

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