SEC sues Binance, CEO Zhao for alleged securities law breaches FMTNews FMTBusiness
NEW YORK: The world’s largest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the US Securities and Exchange Commission today for failing to restrict US customers from its platform and misleading investors about its market surveillance controls, as well as for operating an unregistered securities exchange.
The move is the latest in a series of legal woes for Binance, which was also sued by the US Commodity Futures Trading Commission in March for operating what the regulator alleged were an “illegal” exchange and a “sham” compliance program, with Zhao calling those charges “disappointing” and an “incomplete recitation of facts.”
While its holding company is based in the Cayman Islands, Binance says it does not have a headquarters and has declined to state the location of its main Binance.com exchange.
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