The Securities and Exchange Commission has sued crypto exchange Binance over a litany of securities law violations, alleging the firm engaged in an “extensive web of deception”.
Binance Holdings, BAM Trading Services and founder Changpeng Zhao collectively face 13 charges, including operating unregistered national securities exchanges, broker-dealers and clearing agencies, the unregistered offer and sale of Binance's own crypto assets, and misleading investors. In a release issued yesterday (5 June), the SEC alleged that while Zhao and Binance publicly claimed US customers were restricted from transacting on the platform, the founder and company "in reality subverted their own controls to allow high-value US customers to continue trading". BoE's Cunliffe: FTX...
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