SEC says crypto firm Binance mishandled funds, violated securities laws

SEC says crypto firm Binance mishandled funds, violated securities laws

9 months ago
Anonymous $KxGqLmj_R3

https://apnews.com/article/crypto-binance-treasury-sec-stocks-ba3ce6c0086d36650e97e80a1ba780b1

WASHINGTON (AP) — The world's largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit filed by the SEC.

Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit on Monday lists thirteen charges against the firm — including commingling and divert customer assets to an entity Zhao owned called Sigma Chain.