SEC Sues Binance and CEO Changpeng Zhao for Flouting Federal Laws ⚖️

SEC Accuses Binance , and CEO Changpeng Zhao , of "Blatant Disregard" For Federal Law.<br />NBC reports that the Securities and Exchange <br />Commission (SEC) has filed 13 charges against <br />the world's largest crypto exchange, Binance.<br />The charges also reportedly name the company's co-founder <br />Changpeng Zhao and alleges that billions of dollars in user <br />funds were sent to other companies controlled by Zhao.<br />The charges also reportedly name the company's co-founder <br />Changpeng Zhao and alleges that billions of dollars in user <br />funds were sent to other companies controlled by Zhao.<br />The SEC alleges that Zhao and Binance <br />worked to allow high-net-worth U.S. customers <br />to trade on an unregulated international exchange.<br />NBC reports the the SEC filing alleges that Binance.US <br />served as a shield for Zhao to "reveal, retard and resolve" <br />law enforcement targets and protect Binance.<br />NBC reports the the SEC filing alleges that Binance.US <br />served as a shield for Zhao to "reveal, retard and resolve" <br />law enforcement targets and protect Binance.<br />Between June 2018 and July 2021, <br />Binance earned $11.6 billion in revenue. .<br />The SEC accuses Zhao of taking numerous steps to obscure <br />the identity of high-net-worth customers in the U.S., <br />where federal law bars the unregistered sale of securities.<br />NBC reports that Binance and Zhao <br />have been accused of violating "critical" <br />provisions of federal security laws.<br />Those violations reportedly include self-dealing and <br />manipulating markets through two other Zhao-controlled <br />companies, Merit Peak Limited and Sigma Chain.<br />Through thirteen charges, we allege <br />that Zhao and Binance entities engaged <br />in an extensive web of deception, <br />conflicts of interest, lack of disclosure, <br />and calculated evasion of the law, Gary Gensler, SEC Chair, via NBC.<br />Through thirteen charges, we allege <br />that Zhao and Binance entities engaged <br />in an extensive web of deception, <br />conflicts of interest, lack of disclosure, <br />and calculated evasion of the law, Gary Gensler, SEC Chair, via NBC.<br />In response to news of the SEC's filing, Zhao tweeted, , “We will issue a response once we see the complaint.”.<br />Media gets the info before we do, Changpeng Zhao, Binance co-founder, via NBC