The SEC has filed 13 charges against the giant crytpo exchange Binance, as well as its mysterious CEO.
Rolling Stone
, “Clearly CZ has been lurking in the shadows. It’s hard to put a finger on where [Binance is] operating, what they’re doing.” He added: “We just went through the, and that was a regulated bank, at least there was some review process. In [Binance’s] case, we know nothing. This is a black box. So I worry about the potential for it to go down. A lot of people could lose a lot of money.”
In its new lawsuit, the SEC also targeted Binance’s alleged attempts to skirt U.S. laws, which other regulators have also expressed concern about . Back in 2019, Binance launched a U.S. arm called Binance.US; they said U.S. customers would be restricted from using the original Binance platform, and that Binance and Binance.US were independent from each other.
But the SEC alleges that Binance secretly allowed “high-value U.S. customers” to keep trading on the original Binance platform . Furthermore, it was alleged that Binance.US and Binance weren’t so independent, with the SEC saying Zaho and Binance “secretly controlled” Binance.US operations behind the scenes.
Binance appeared to touch on this issue in its blog post, asserting that it’s always “cooperated with the SEC’s investigations,” while also casting doubt on whether the agency actually has any jurisdiction.
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