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The Independent UK
The Independent UK
National
Fatima Hussein

SEC says crypto firm Binance mishandled funds, violated securities laws

SEC Binance Changpeng Zhao United States Gary Gensler Lawsuit Crypto District Court
Copyright 2022 The Associated Press. All rights reserved.

The world's largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit filed by the SEC.

Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit on Monday lists thirteen charges against the firm — including commingling and divert customer assets to an entity Zhao owned called Sigma Chain.

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