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SEC Sues Binance in US District Court Over Unregistered Securities Trades

SEC Sues Binance in US District Court Over Unregistered Securities Trades


The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its U.S. platform, and CEO Changpeng Zhao (CZ) in the District Court for the District of Columbia on June 5.


Our team is on your side to ensure the systems are stable, including withdrawals and deposits.

We will issue a response once we see compliance. I have not seen it again. The media get the information before us.

— CZ Binance (@cz_binance) June 5, 2023

The US regulator has brought 13 charges against Binance, including unregistered offers and sales of BNB (BNB) and Binance USD (BUSD) tokens, Simple Earn and BNB Vault products, and its staking program. Additionally, the SEC alleges in the lawsuit that Binance did not register its platform as an exchange or brokerage clearing agency. Further, it claims that Binance and BAM Trading Binance.US, the legal entity, have not registered Binance.US as an exchange, broker, and clearing agency. CZ was sued as the controlling person.”

According to the costume:

The defendants enriched themselves with billions of US dollars while putting investors’ assets at significant risk. [] Defendants engaged in multiple unregistered offers and sales of crypto asset securities and other investment programs.

He continued, defendants BAM Trading and BAM Management defrauded equity, retail and institutional investors about alleged surveillance and controls over manipulative trading on the Binance.US platform, which were in fact virtually non-existent.

Among the allegations behind the charges are claims that Binance failed to block US investors from using and that Binance.US engaged in wash trading through its main company. undisclosed trading company Sigma Chain, which is owned by CZ.

Related: Binance Plans Another Round of Layoffs Amid Heightened Regulatory Scrutiny

Additionally, the lawsuit claims that funds from Binance and Binance.US were commingled in an account controlled by Merit Peak Limited, associated with CZ. These accusations echo complaints filed by the Commodity Futures Trading Commission on March 27. CZ denied these accusations in a detailed blog post.

SEC Chairman Gary Gensler said in a statement:

As alleged, Zhao and Binance misled investors about their risk controls and corrupt trading volumes while actively concealing who operated the platform, its affiliate market maker’s manipulative trading, and even where and with whom the funds investors and crypto assets were kept.

The SEC demands a permanent ban on Binance and CZ from continuing their activities, the return of ill-gotten gains with interest and financial penalties.

The lawsuit claims that the tokens traded on the Binance exchange were securities. These tokens are BNB, BUSD, Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS) and COTI.

Binance and Binance.US separately responded to the lawsuit. Binance.US said in a tweet that the SEC allegations are its latest example of regulation by enforcement. The lawsuit is without merit and we intend to defend ourselves vigorously, he continued.

In a blog post on, the company wrote:

From the beginning, we have actively cooperated with SEC investigations and worked hard to answer their questions and address their concerns. [] While we take the SEC’s allegations seriously, they should not be subject to enforcement action by the SEC, let alone in an emergency.

All claims that user assets on the Binance.US platform have been threatened are simply false, added. The SEC’s actions here appear to be in service of an effort to rush to claim jurisdictional ground with other regulators and investors do not appear to be the SEC’s priority.”

The allegations against Binance are not new. An SEC investigation into Binance reportedly began in June 2022. Binance called reports of mismanagement of funds a conspiracy theory.

Magazine: US and China Attempt to Crush Binance and SBF’s $40M Bribe Demand : Asia Express




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