Binance Charged With Running Illegal Crypto Exchange in New SEC Complaint
The charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance US platform; and the unregistered offer and sale of securities.
The complaint goes on to say, “This case arises from Defendants’ blatant disregard of the federal securities laws and the investor and market protections these laws provide. In so doing, Defendants have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk.”, calling it a move to unilaterally define the crypto market structure.
Binance maintains it’s willing to “cooperate with regulators” despite rather combative comments coming from the top back in 2018. According to the complaint, Zhao has long tried to “escape the registration requirements of the federal securities laws.” Under Zhao’s control, the Chief Compliance Officer is quoted as saying, “we do not want [Binance].com to be regulated ever.”a warning sent to Coinbase in March notifying the company that it could expect an enforcement action.
against the SEC asking the regulators for clearer rules regarding whether crypto definitively counts as a security., the CEO of Terraform Labs and its infamously unstable stablecoin Terra. The SEC alleged he and his company transferred 10,000 bitcoin worth hundreds of millions of dollars out of the Terra/Luna project before it inevitably went bust in May last year.How to best regulate crypto has long been the topic of conversation both in Washington and across the globe.
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