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Binance, the world’s largest crypto platform, has been charged by the US regulator

Binance, the world’s largest crypto platform, has been charged by the US regulator



ANI |
Updated by:
Jun 06, 2023 12:15 IST

Washington (US), June 6 (ANI): The US regulator has charged Binance.com, the world’s largest crypto trading platform, and its founder Changpeng Zhao with various securities law violations.
The US Securities and Exchange Commission (SEC) said in a statement on Monday that Zhao and the Binance firms engaged in an extensive web of fraud, conflicts of interest, lack of disclosure and evasion of the law.
Among other things, the US regulator accused Zhao and Binance of publicly claiming to bar US customers from transacting on Binance.com, but actually subverting their own regulations to secretly allow high-net-worth US customers to continue trading on its platform.

“Through the thirteen charges, we allege that Zhao and the Binance entities engaged in extensive fraud, conflicts of interest, lack of disclosure and calculated avoidance of the law,” SEC Chair Gary Gensler said.
“As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading metrics, while actively concealing who operated the platform, its affiliated market maker’s manipulative trading, and where and with whom investor funds and crypto assets were held in custody.”
Gensler added that in order to keep high-value US customers on their platforms, they tried to evade US securities laws by announcing bogus regulations that they ignored behind the scenes. (ANI)

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