The SEC has filed 13 charges against Binance and Changpeng Zhao, including improper handling of customer funds

2023-06-05 23:46:55

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ChainCatcher news, according to The New York Times, the U.S. Securities and Exchange Commission (SEC) has brought 13 charges against Binance and Changpeng Zhao, including improper handling of customer funds and misleading regulators and investors about its operations. The SEC stated that Binance has been mixing "billions of dollars" of customer funds and secretly transferring them to an independent company controlled by Changpeng Zhao. Additionally, Binance misled investors about whether its systems were sufficient to detect and control manipulative trading practices. The SEC also indicated that Binance did not take adequate measures to restrict U.S. investors from using unregulated exchanges.

Gurbir S. Grewal, the head of the SEC's enforcement division, stated that Changpeng Zhao and Binance understood the relevant rules but deliberately chose to evade them, putting their customers and investors at risk. (source link)

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