Anyone surprised? S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators
The S.E.C. said the world’s largest cryptocurrency exchange mixed billions of dollars in customer funds and secretly sent them to a separate company controlled by Binance’s founder, Changpeng Zhao.
The complaint also said Binance had misled investors about the adequacy of its systems to detect and control manipulative trading and about its efforts to restrict U.S. users from trading on its international platform. U.S.-based customers were supposed to have access only to an ostensibly separate company formed specifically to operate within the United States, called Binance.US. $Ishares Trust Us Brkr-Dealers & Sec Exch(IAI.US$ $AMC Entertainment(AMC.US$
Binance and Mr. Zhao “enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk,” regulators said in the civil lawsuit, which was filed in Federal District Court in Washington.
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