The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit – Gist It

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit

The SEC has filed 13 charges against Binance and its CEO, Changpeng Zhao, in a major lawsuit impacting the crypto exchange.

The big picture: The charges accuse Binance of misleading investors, misusing customer funds, and running an unregistered trading platform in the U.S.
* This is the latest in a series of actions taken by regulators against crypto companies.

Details: The SEC alleges that Binance and Zhao engaged in ~~”an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”~~
* Binance’s market share has grown since FTX’s collapse, drawing the attention of regulators and law enforcement agencies.

Key allegation: The SEC claims that Binance secretly allowed high-value U.S. customers to trade on its international exchange, despite operating a separate exchange for U.S. customers (Binance.US) since 2019.
* The lawsuit states that Binance and Zhao failed to register with the SEC, choosing to ~~”evade the critical regulatory oversight designed to protect investors and markets.”~~

View original article on NPR

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June 6, 2023

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