The Securities and Exchange Commission has filed a lawsuit against the world’s largest cryptocurrency exchange and its CEO.
The action was revealed in a federal court filing on Monday. The SEC is accusing Binance and its CEO, Changpeng “CZ” Zhao, of lying to federal regulators as well as mishandling customer funds.The SEC said that Binance had been secretly diverting customer funds to another trading entity controlled by Zhao, Sigma Chain, which then engaged in fraudulent trading, which made Binance’s volume appear bigger than it was.
Zhao himself tweeted about the lawsuit soon after the news broke. He said that Binance has still yet to read the lawsuit in question. The complaint also accuses Binance’s former chief compliance officer, Samuel Lim, of aiding and abetting the platform’s alleged violations.
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