Binance and its founder Changpeng Zhao were sued by the SEC on Monday for allegedly misusing customer funds and diverting some to a trading entity owned by Zhao.
Shares of leading crypto broker Coinbase have also tumbled so far on Monday, falling by more than 10.5% to $57.69, though it’s still up more than 71% on the year.Binance has faced a slew of legal trouble in recent months, as crypto markets remain shaky after dropping last fall amid concerns of an extended bear market called a crypto winter. In March, the CFTC filed a complaint in federal court in Chicago alleging Binance and Zhao offered crypto futures and other derivatives to U.S.
between August and December 2022 involving roughly $1.8 billion it shifted to hedge funds without informing its customers, who were told the tokens were 100% backed,reported in February. The shifting marked a series of internal movements eerily similar to those at the bankrupt crypto company FTX. Binance had alsoof a non-binding agreement in November to purchase FTX’s non-U.S.
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