Last Monday, the Securities and Exchange Commission filed a 136-page complaint against Binance and its founder Changpeng Zhao, alleging the exchange had purposefully evaded U.S. oversight through improper controls, putting billions of dollars of customer funds at risk.
“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 an accompanying statement.
