The United States Securities and Exchange Commission accuses BinanceThe largest exchange platform for cryptocurrencies embezzling client funds and lying to regulators and investors in their operations.
The indictment alleges that the company mixed “billions of dollars” in customer funds and secretly sent them to a separate company controlled by it. Changpeng ZhaoFounder of Binance. So main regulator He filed a total of 13 charges against the industry’s main giant, which has amassed more than 100 million users nationwide.
“We argue that the Zhao and Binance entities not only know the rules of the game, but also deliberately chose to outsmart them and put their customers and investors in danger,” said Gurbir S. Grewal, head of the commission’s compliance division.
The indictment states that the Commodity Futures Trading Commission (CFTC) “multiple violations” of U.S. financial laws, helping their clients outwit them through shell companies, and “deliberately opaque” structure.