BUSINESS

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BUSINESS

SEC sues Binance and CEO Changpeng Zhao

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SEC sued Binance

Binance and its founder have been sued by the SEC for violating security rules, with 13 charges filed against the crypto exchange.

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Unregulated exchange

Binance and its CEO are accused by the SEC of letting US customers trade on Binance.com and controlling Binance's US platform secretly.

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Illegal practices

SEC accused Binance and its CEO of commingling customers' assets, diverting them to Sigma Chain and Merit Peak for inflating trade volumes and wash trading.

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Unregistered

Binance and its US affiliate are accused by SEC of operating as unregistered exchanges, brokers, dealers, and clearing agencies since 2017.

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Binance disappointed

Binance expressed disappointment with the SEC's decision to file a complaint seeking emergency relief, stating they have cooperated with the investigations.