WASHINGTON–The Securities and Exchange Commission has filed 13 charges against Binance, the world's top crypto exchange, as well as its billionaire co-founder and CEO, Changpeng Zhao.
The SEC, in its lawsuit filed in the U.S. District Court for the District of Columbia, is accusing Zhao and the company of misleading investors about Binance's ability to detect market manipulation, as well as of misusing customer funds and sending some of that money to a company Zhao controls, among other charges.
In addition, the SEC has accused Binance of running what it said is an unregistered trading platform in the U.S. and allowing U.S. customers to trade crypto on an exchange that is supposed to be off-limits to U.S. investors.
"Through 13 charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law," SEC Chair Gary Gensler said in a statement. "They attempted to evade U.S. securities laws by announcing sham controls that they disregarded behind the scenes so they could keep high-value U.S. customers on their platforms."
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