Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit this week lists thirteen charges against the firm - including commingling and divert customer assets to an entity Zhao owned called Sigma Chain.
Binance is a Cayman Islands limited liability company founded by Zhao and the charges are familiar to practices uncovered after the collapse of the second largest cryptocurrency exchange, FTX, last year.
The lawsuit lays out the extent to which the firms owners knew of the alleged legal violations: "Binance's CCO bluntly admitted to another Binance compliance officer in December 2018, "we are operating as a fking unlicensed securities exchange in the USA bro!"
SEC Chair Gary Gensler in a written statement that Zhao and Binance "engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law."
This story is from the Techlife News #606 edition of Techlife News.
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This story is from the Techlife News #606 edition of Techlife News.
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