Cry-pto: Feds bury Bitcoin exchange giant Binance in 13-count fraud lawsuit
America's Securities and Exchange Commission has brought a legal hammer down on Binance and its cofounder Changpeng Zhao, putting the world's largest cryptocurrency exchange in even hotter water than it already was.against Binance, Zhao and several of the company's subsidiaries, most having to do with offering unregistered assets for sale and failing to register to do financial business in the US.
"Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law," said SEC chairman Gary Gensler.from doing business in the US in 2019, at which point it created Binance.us as a subsidiary that was, ostensibly, independent of the international Binance operation. Customers in the United States could therefore use the .us outfit.
Binance and Zhao stood up a pair of companies called BAM Management and BAM Trading in 2019, the same year Binance.us was created, to serve as the administrative side of that US operation. However, BAM apparently misled investors about trading controls and protections on the platform, which the SEC said simply didn't exist. It was also still controlled by Binance and Zhao, which was against US rules.
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