Binance faces SEC charges for allegedly mishandling funds and dodging rules
13 charges against Binance and founder Changpeng Zhao accusing the two of violating securities laws. Most notably, officials claim Binance knowingly undermined its own international compliance controls to help US investors keep trading on Binance.com when they were only supposed to rely on the separate Binance.US system. Zhao and his company also controlled Binance.US"behind the scenes," the SEC alleges.
The Commission also maintains that Binance and Zhao mixed and diverted customers' assets at will, including with the Zhao-owned Sigma Chain. The company and its US affiliate are further accused of running unregistered exchanges, broker-dealers and clearing agencies, with Zhao serving as the control. They also allegedly sold unregistered crypto assets, the SEC adds.
The SEC aims to not only force Binance to comply with the law, but to bar Zhao from helming any domestic securities issuers. It also wants the company to disgorge its financial gains from the alleged violations, and to pay additional penalties.it's"disheartened" by the charges and maintains that it has participated in"good-faith" talks to reach a settlement.
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