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SEC Filed 13 Charges Against Binance and Changpeng Zhao, Including Improper Handling of Customer Funds
Summary: The Securities and Exchange Commission (SEC) charged Binance and Changpeng Zhao with 13 counts, including mishandling customer funds and misrepresenting their operations to regulators and investors, according to a detailed lawsuit. Binance has been commingling billions of dollars in customer funds and secretly transferring them to a separate company controlled by Changpeng Zhao, the SEC said. ...
The Securities and Exchange Commission (SEC) charged Binance and Changpeng Zhao with 13 counts, including mishandling customer funds and misrepresenting their operations to regulators and investors, according to a detailed lawsuit.
Binance has been commingling billions of dollars in customer funds and secretly transferring them to a separate company controlled by Changpeng Zhao, the SEC said. Additionally, Binance misled investors about the adequacy of its systems to detect and control manipulative trading practices.
The SEC also said Binance did not do enough to restrict U.S. investors from using the unregulated exchange.
Earlier this year, the CFTC sued Binance and its CEO Changpeng Zhao for violating U.S. derivatives rules.
Tags: Binance,Changpeng Zhao,SEC
Link: SEC Filed 13 Charges Against Binance and Changpeng Zhao, Including Improper Handling of Customer Funds [Copy]
