SEC files 13 charges against Binance and CZ for breaking US securities laws Binance ChangpengZhao CZ
- The U.S. crackdown on crypto intensified on Monday as the Securities and Exchange Commission filed a lawsuit against Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao .
“This case arises from Defendants’ blatant disregard of the federal securities laws and the investor and market protections these laws provide,” the lawsuit said. “In so doing, Defendants have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk.” As part of its lawsuit, the SEC has labeled 12 tokens as securities, but said that list is not exhaustive. The tokens identified include BNB Smart Chain , Binance USD stablecoin , Solana , Cardano , Polygon , Filecoin , Cosmos Hub , The Sandbox , Decentraland , Algorand , Axie Infinity and Coti .
The dealings between Binance and Merit Peak were first reported back in February, with records showing that more than $400 million was transferred from an account at California’s Silvergate Bank belonging to Binance.US to Merit Peak Ltd between late 2020 and March of 2021. The SEC said the new findings provide clear evidence of how Binance exercised tight control over Binance.US, despite both firms maintaining that they have always operated independently.
“We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk – all in an effort to maximize their own profits,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
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